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22-05-2024 10:35 AM | Source: PR Agency
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
Indian equity markets indicate that the BSE Sensex and NSE Nifty 50 may trade on a subdued note today.
The big question is whether Nifty will break out of consolidation and move higher. It has now reached the 22,570–22,600 zone. Today, substantial Put writing across multiple strikes indicates limited downside potential, while resistance is likely at the 22,700 level.
For today's weekly expiry, significant open interest (OI) at the 48,000 Call and Put levels suggests potential consolidation around the current levels in the Bank Nifty. The 48,000 Call strike has an OI of approximately 3.7 million shares, while the 48,000 Put strike has an OI of around 3.2 million shares.
The big question is whether Nifty will break out of consolidation and move higher. It has now reached the 22,570–22,600 zone. Today, substantial Put writing across multiple strikes indicates limited downside potential, while resistance is likely at the 22,700 level.
For today's weekly expiry, significant open interest (OI) at the 48,000 Call and Put levels suggests potential consolidation around the current levels in the Bank Nifty. The 48,000 Call strike has an OI of approximately 3.7 million shares, while the 48,000 Put strike has an OI of around 3.2 million shares.
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