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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 is expected to open without much change, influenced by mixed signals from global markets. Expectations for today's weekly expiry suggest that the Nifty will likely hover within the broader range of 22,250 to 22,500 levels. Notably, the 22,500 Call strike in Nifty holds a significant Open Interest (OI) of approximately 210 lakhs shares, while on the Put side, the 22,300 strike boasts substantial OI of around 108 lakhs shares.

Bank Nifty continues its underperformance with respect to Nifty, largely due to HDFC Bank's ongoing decline. Analysis of option data indicates sizable OI for both the 48,000 Call and Put options, signaling a range-bound market activity. To initiate a fresh upward movement, it will be crucial for the index to sustain levels above 48,500.

The ongoing results season and union elections have led to increased volatility in the market, a trend expected to persist in the weeks ahead. Given this scenario, investors are advised to exercise caution in their short-term outlook.

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