The Nifty ended the weekly expiry session lower but has managed to defend the 26,150 mark on the downside multiple times. That level becomes key, as there is significant Put writing on that strike. The 26,250 - 26,300 zone remains one of congestion for the index and surpassing that could lead to further gains, as per analysts.
The two index heavyweights, Reliance Industries and HDFC Bank, will be keenly watched today, as their underperformance dragged the Nifty lower on Tuesday.
HDFC Bank's underperformance was offset by its peers, led by ICICI Bank, which led to the Nifty Bank sustaining above 60,000. Business updates continue to trickle in, with reactions likely in GCPL, Titan, and other consumer-orientated stocks. Keep an eye on Meesho and Tata Capital as well.
Watch this space for all the live updates.
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