Mid Market Comment by Mr Shrey Jain, Founder and CEO SAS Online - India`s Deep Discount Broker
Below the Quote on Mid Market Comment by Mr Shrey Jain, Founder and CEO SAS Online - India's Deep Discount Broker
Today, Indian equity benchmark indices surged in early trading after a significant decline the previous day. For Nifty, the index is currently in a weak position, with the next support level expected to be between 23,700 and 23,800. On the upside, resistance is anticipated in the range of 24,500 to 24,600.
In Bank Nifty, significant call writing activity is observed between the 51,500 and 52,000 levels, suggesting robust resistance. Meanwhile, the put base is firmly positioned at the 49,000 and 50,000 strikes, highlighting crucial support zones.
As we look ahead, ongoing volatility is expected due to the forthcoming RBI policy announcement and a range of global uncertainties, including the unwinding of Yen carry trades, recession fears in the US, and escalating tensions in the Middle East. In light of these factors, adopting a cautious, wait-and-watch approach may be advisable before committing to new positions.
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