Once again selling pressure in Indian markets was witnessed as traders look cautious ahead of key decisions by Federal Reserve and other central banks. The sentiments were also got dampened as markets weighed Omicron risks.

On derivative front, Call writers added hefty open interest at 17500 & 17600 strike while marginal Put writing was observed at 17300 & 17200 strike.

The technical indicators suggest that volatility is likely to grip market in upcoming sessions as well. However, Nifty has completed one leg of correction, after a steep run-up seen last week and now the index is currently trading near important retracement support levels which are placed at 17,200 & 17,100 levels.

The key hurdle would be 17,500 & 17,600 levels for upcoming sessions. One can expect a sideways moment in upcoming sessions and final direction will be clear once we see either side breakout from mentioned range.