From a derivatives perspective, the week’s recovery appeared to be aided by significant short covering after bears failed to sustain the Nifty below the 22,800 zone. Option activity suggested aggressive put writing in the 22,800-23,000 region, indicating traders viewed this area as a strong support base. On the upside, fresh call additions around 23,100-23,300 may continue to act as an immediate hurdle in the coming week.
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