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
Both the Sensex and Nifty commenced trading on a positive note today. With a trading holiday looming tomorrow, Nifty's weekly expiry is slated for today. Notably, there was aggressive Call writing observed at the 22800 Call strike, indicating potential resistance. However, if the index manages to sustain above this level, it could trigger short covering. The 22800 Call strike holds a significant Open Interest (OI) of approximately 88 lakhs shares. Conversely, on the Put side, the 22500 strike boasts substantial OI of around 85 lakhs shares.
For Bank Nifty, it is expected to fluctuate within a broader range today, spanning between 48500 and 49000 levels. Should there be a correction towards 48500, fresh long positions may be initiated. Despite robust fundamentals, investors may find it prudent to periodically secure profits due to stretched valuations.
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