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
Despite continuous selling by Foreign Institutional Investors (FIIs), the Indian stock market has shown resilience and recovered over the last three trading sessions. However, the Bank Nifty's performance was muted compared to the Nifty. For today's expiry, the 48000 Call strike has substantial open interest (OI), which should act as a strong hurdle on the upside. In the Bank Nifty, the 48000 Call strike holds significant OI of approximately 33 lakh shares, while on the Put side, the 47500 strike holds sizeable OI of around 23 lakh shares.
For the Nifty, the 22500 Call strike has sizeable OI and is expected to act as immediate resistance, while on the downside, the 22000 strike is likely to provide support. If the Nifty closes above 22,300 and the Bank Nifty above 48,300, the market is likely to turn bullish.
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Market closing comments by Mr Shrey Jain, SAS Online - India`s Deep Discount Broker
