Mid Market Comment by Mr Shrey Jain Founder and CEO SAS Online - India`s Deep Discount Broker
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Below the Quote on Mid Market Comment by Mr Shrey Jain Founder and CEO SAS Online - India’s Deep Discount Broker
The Indian stock market opened on a positive note today but soon reversed direction, slipping into the red. The Nifty is expected to consolidate around current levels, with the potential for limited upside due to aggressive Call writing across multiple strike prices. On the downside, the 25,200 level is anticipated to provide key support.
The Bank Nifty remained stable, closing around the 51,500 mark for the second consecutive session. According to option data, the 51,500 Call strike has considerable open interest, suggesting it will serve as a near-term resistance level. A breakout above this resistance could trigger short covering.
Moving forward, it will be crucial to monitor global market trends, given their substantial impact on our market’s initial tone. Investors are advised to exercise caution in stock selection and maintain light carry-forward positions to navigate current uncertainties effectively.
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