Mid Market Comment by Mr Shrey Jain, Founder and CEO SAS Online - India's Deep Discount Broker
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The Indian market rose today, buoyed by gains on Wall Street driven by robust US inflation data. Although the market has been confident over the past four days, ongoing selling by Foreign Institutional Investors (FIIs) is still a big worry.
In the Nifty, the 22,000 Put strike has significant open interest (OI), indicating it will likely act as immediate support. Conversely, the 22,500 level is expected to serve as a hurdle, with the 22,500 Call strike holding notable OI of approximately 21 million shares. On the Put side, the 22,000 strike has a substantial OI of around 13.6 million shares.
For the Nifty Bank, support is anticipated at the 47,325-47,525 levels, with a strong buy zone at 46,975-47,075 levels. Option data indicates that both the 48,000 Call and Put strikes have sizeable OI, suggesting consolidation around the current levels.
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