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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

The Nifty witnessed a gap-up opening fueled by positive global cues, supported by the commentary from the US Federal Reserve, which aligned with market expectations regarding three potential rate cuts. If the Nifty manages to sustain levels above 22,000 post-opening, there could be further momentum from short-covering, potentially propelling it towards the 22,100-22,150 range. Notably, there's substantial open interest at the 22,200 Call strike, around 110 lakh shares, while significant interest is seen at the 21,700 Put strike, approximately 50 lakh shares.

Similarly, the Bank Nifty is expected to open higher in sync with the Nifty. Key support levels are foreseen at the 46,000 and 46,500 Put strikes, as indicated by option data analysis. Nonetheless, the 47,000 level may pose a notable hurdle on the upside.

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