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
Nifty closed well yesterday and is expected to remain strong as long as it stays above 23,500. Similarly, Bank Nifty is also looking strong as long as it holds above 51,300.
Today, Bank Nifty is likely to trade within the broader range of 51,500 to 52,000. Like Nifty, we maintain a positive outlook for Bank Nifty, anticipating private banks to drive the momentum. The 52,000 Call strike in Bank Nifty has the highest open interest (OI) of approximately 23 lakh shares, while the 51,500 Put strike has the highest Put OI of around 25 lakh shares.
For Nifty, our bias remains positive, and we expect it to move towards 23,700. The 23,400 Call strike has a significant OI of about 68 lakh shares, and on the Put side, the 23,500 strike holds a substantial OI of approximately 56 lakh shares. Nifty has strong support between 23,300 and 23,400 and resistance at 23,700.
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