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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 market sentiment initially soured on budget day due to a proposed hike in capital gains tax. Now, sentiments have worsened further following a sharp global market downturn, highlighted by Nasdaq's 3.64% plunge, resulting in a significant gap-down opening today.

As of today’s monthly expiry, the Nifty is trading below its monthly Volume Weighted Average Price (VWAP) levels of 24400, indicating a negative bias. We expect the Nifty to potentially test support levels around 24300 to 24150. Meanwhile, the Bank Nifty has continued to underperform compared to the Nifty, primarily due to selling pressure in the private banking sector. Given the current high volatility, it would be wise to adopt a cautious approach and wait for clearer market signals before making any trading decisions.

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