IGI Logo

Below the Quote on Mid-Market Comment by Mr Shrey Jain, Founder and CEO SAS Online - India`s Deep Discount Broker

The Nifty extended its winning streak to 10th consecutive session, hitting a new high. As we approach the monthly settlement, the index is anticipated to start the day on a subdued note. However, our outlook remains optimistic, with expectations for the Nifty to potentially reach the 25,200 level. Key support is likely to be found in the 25,000 – 24,900 range. The 25,100 call strike stands out with significant open interest of around 83 lakh shares, while the 25,000 put strike also shows substantial open interest, approximately 104 lakh shares.

On the other hand, the Bank Nifty has struggled to sustain its positive momentum due to sector-wide selling pressure. Despite this, we expect limited downside risk, with the 50,800 level likely to act as immediate support. Amid weak global cues, there may be opportunities to buy on dips in the domestic market.

Above views are of the author and not of the website kindly read disclaimer