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
In the last three sessions, the market has shown a bullish trend in the first half, followed by profit booking in the second half. Additionally, India VIX continued to rise, gaining 4% yesterday to surpass 24. This stock market turbulence may persist until the election results are announced.
For the Bank Nifty, we believe the 49000 level will act as immediate support, given the substantial open interest in the 49000 Put, which holds approximately 26 lakh shares. On the upside, 49500 is expected to serve as a resistance area, with the 49500 Call strike holding a nominal open interest of around 36 lakh shares.
For the Nifty, we anticipate that consolidation around the 23000 level will continue, as both the 23000 Call and Put options hold significant open interest.
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