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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

In response to global market weaknesses and the lack of a clear timeframe for a US Federal Reserve rate cut in 2024 as indicated by Fed Chairman Jerome Powell, the Indian stock market experienced its worst session since June 4, 2024.

From a technical perspective, Nifty's 24,200 level is a critical support point. As long as Nifty remains above this threshold, the outlook remains bullish; below it, the sentiment turns bearish. For today's weekly expiry, there is significant call writing at the ATM and OTM strikes, indicating a limited upside potential. Specifically, the 24,500 call strike shows a notable open interest (OI) of approximately 96 lakhs shares, while the 24,200 put strike has a substantial OI of around 60 lakhs shares, suggesting strong support at this level.

In contrast, Bank Nifty continues to be a weak performer, slipping further as all but two of its constituents closed in the red. Looking forward, the 52,000 level is expected to act as immediate support, whereas the 52,500 level is anticipated to serve as a resistance area.--

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