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04-09-2024 12:49 PM | Source: SAS Online
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
Following a decline in global markets, Indian equity indices experienced a downturn today, with the Sensex falling by over 400 points and the Nifty trading below the 25,150 mark. This drop, exacerbated by concerns over a potential slowdown in the U.S. economy, is significantly affecting investor sentiment.
As we approach the expiry date, we anticipate that the Bank Nifty may encounter resistance at higher levels, with any potential short-covering moves expected only above the 51,550 mark. Immediate support for the banking index is likely to be provided by the Put base at 51,000.
Regarding the Nifty, we foresee support emerging in the range of 25,050 to 25,100, as the 25,000 Put base demonstrates considerable open interest. A breach below this support level may shift the focus to a stronger buying zone.
As we approach the expiry date, we anticipate that the Bank Nifty may encounter resistance at higher levels, with any potential short-covering moves expected only above the 51,550 mark. Immediate support for the banking index is likely to be provided by the Put base at 51,000.
Regarding the Nifty, we foresee support emerging in the range of 25,050 to 25,100, as the 25,000 Put base demonstrates considerable open interest. A breach below this support level may shift the focus to a stronger buying zone.
Above views are of the author and not of the website kindly read disclaimer
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