The Indian equity markets opened on a positive note on Friday amid mixed developments coming from West Asia. The markets witnessed early gains despite mixed global cues, as crude oil surged back above $104 a barrel after prices had fallen by nearly two dollars on Thursday.
At 9:30 am, the Sensex was up 115 points, or 0.17 per cent, at 75,298, while the Nifty gained 72.10 points, or 0.18 per cent, to 23,765.80.
According to market analysts, the broader market structure remains cautious, with investors preferring selective stock-specific opportunities over aggressive bullish positioning amid volatility in oil prices, currency movements, and global liquidity conditions.
As per fresh market data, a neutral to range-bound outlook is expected, with the put-call ratio hovering around 0.94, reflecting balanced positioning between put and call writers.
Strong call writing has emerged in the 23,800–24,000 zone, establishing a key resistance band, while put writers continue defending the 23,500–23,300 range, indicating immediate downside support.
A decisive move above 23,800 could trigger short covering, while weakness below support may increase volatility in the coming sessions.
Meanwhile, major Asian economies are continuously facing increased pressure due to a shortage of crude oil, a strong US dollar, and high-yielding treasury bonds.
Besides, the majority of oil-dependent countries have adopted austerity measures to balance crude oil consumption while also trying to contain high inflation driven by oil imports.
Follow us
