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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

Benchmark equity indices are trading higher, buoyed by positive momentum from Wall Street, anticipation of a rate cut by the Federal Reserve in September, and strong US retail sales figures that have alleviated recession fears.

However, we believe the upside potential may be limited, with Nifty unlikely to surpass the 24,500 level. On the downside, 24,100 is expected to provide immediate support. The 24,200 Call strike in Nifty has a notable open interest of around 25 lakh shares, while the 24,200 Put strike shows significant open interest of approximately 20 lakh shares. Given the current market conditions, we anticipate Bank Nifty will encounter selling pressure at higher levels, with major resistance at 50,500. On the downside, 49,500 is expected to serve as a support level.

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