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
Amidst strong buying from domestic institutions, the market continues to hit record highs with Nifty holding steady above 24,100 levels. Gift Nifty signals a gap-up opening near 24,300 levels. Today, we expect select heavyweight banking stocks to lead, potentially pushing Nifty towards 24,350 to 24,400 levels. According to option data, the 24,500 Call strike shows significant Open Interest (OI) of approximately 80 lakh shares, while the 24,000 Put strike holds substantial OI with around 77 lakh shares.
The Bank Nifty is expected to open higher fueled by positive news regarding HDFC Bank. For today's weekly expiry, we foresee Bank Nifty aiming towards 53,000 levels. The 53,000 Call strike boasts the highest OI of about 57 lakh shares, with strong support seen at the 52,500 Put strike holding approximately 26 lakh shares. Given robust global market sentiment, we recommend a 'buy on dips' strategy in this bullish environment.
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