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31-07-2024 12:22 PM | Source: PR Agency
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 Nifty index has encountered resistance at the 25,000 level for two consecutive days, with recent trading patterns indicating a possible decline to 24,600 or even 24,500. The significant open interest (OI) of around 76 lakh shares at the 25,000 call strike points to robust resistance. In contrast, the 24,600 put strike has an OI of approximately 43 lakh shares, suggesting it may offer support.

In parallel, the Bank Nifty has shown volatility, closing near 51,500 yesterday. For today's monthly settlement, the Bank Nifty is likely to face resistance at higher levels, particularly at the 52,000 strike, which has considerable OI. On the downside, the 51,000 level is expected to act as support.

Investors should be cautious and refrain from taking aggressive short positions unless there is a clear break in the upward trend.

 

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