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
Major indices suggest a flat opening for the day, with attention shifting to stocks ahead of quarterly results announcements. For today's Nifty weekly expiry, we anticipate that Nifty may maintain its positive momentum and aim for 24,700 levels, with immediate support at 24,500. Open interest data indicates substantial call and put OI buildup at the 24,600 strike.
BANK NIFTY has remained range-bound during its weekly expiry, consolidating between 53,000 and 52,000, and maintaining its 20-DMA, hinting at a potential directional move. A close below 52,100 could signal weakness, while a close above 53,100 might pave the way for fresh all-time highs. However, traders should be cautious due to upcoming results announcements from some Bank Nifty heavyweights that could drive BANK NIFTY out of its range.
Traders should keep an eye on profit booking and the key levels highlighted ahead of the budget announcement.
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