On the put side, significant open interest was concentrated at 22,200 and 22,000, indicating traders are positioning for further downside while protecting against sharp declines. The advance-decline ratio remained weak, highlighting poor market breadth. Elevated crude prices above $104 per barrel and persistent foreign investor outflows added to the pressure, while the rupee stayed under strain. Overall, the technical setup points to vulnerability, with support near 22,000 and resistance around 22,400–22,500, making selective, risk-managed trades the prudent approach.
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