Mid-market comment by Mr Shrey Jain, Founder and CEO SAS Online - India's Deep Discount Broker
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Below the Mid-market comment by Mr Shrey Jain, Founder and CEO SAS Online - India's Deep Discount Broker
The NIFTY index saw considerable volatility during its expiry session, with significant price swings in both directions. Today, Nifty has shown strength, opening with a gap up near 24,380 levels, buoyed by a global market rally. However, it is crucial for Nifty to maintain these levels, as it may encounter resistance around the 24,400 to 24,500 range, which are key resistance zones. On the downside, support is expected in the 24,100 to 24,000 range. The 24,500 Call strike has notable open interest of approximately 35 lakh shares, while the 24,000 Put strike shows substantial open interest of around 26 lakh shares.
For Bank Nifty, the 50,500 level is anticipated to be an immediate resistance. A sustained move above this level could potentially trigger a short-covering rally towards 51,000. Overall, while global sentiments are positive, domestic concerns persist as FIIs continue their selling. It is advisable to avoid holding overnight positions under these conditions
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