Indian Equity Index Falls Third Straight Session Amid Rising Oil Prices

The Indian benchmark equity indexes, Sensex and Nifty, fell for the third consecutive session on Wednesday due to rising crude oil prices. The Sensex lost 48.78 points, or 0.07%, closing at 72,480.29, while the Nifty dropped 95.75 points, or 0.42%, settling at 22,620.45.

The market analysts pointed out that the support zone for the Nifty remains between 22,600 and 22,550, with a sustained break below 22,500 potentially pushing the index towards 22,300.

On the options front, Call OI stands at around 17.11 crore against Put OI of around 10.96 crore, indicating stronger Call-side positioning. The significant Call open interest was concentrated around the 22,700 to 23,000 strikes, with 23,000 carrying the highest Call open interest and creating elevated resistance.

The closing setup remains weak, with 22,600-22,550 as the key support zone and 22,800 as the immediate resistance. The broader market showed more resilience, with the Nifty MidCap 100 edging up 0.02% and the Nifty SmallCap index gaining 0.27%.