Mid Market Comment by Mr Shrey Jain, Founder and CEO SAS Online

06-03-2024 10:17 AM | Source: PR Agency

Mid Market Comment by Mr Shrey Jain, Founder and CEO SAS Online - India's Deep Discount Broker

News By Tags | #Sensex #ExpertViews #MarketOutlook #Nifty #BankNifty #ShreyJain #SASOnline

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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

Following weak sentiment in the global market, the Indian stock market is expected to maintain a subdued stance. However, contrary to Nifty, Bank Nifty is expected to exhibit a positive bias for today's weekly expiry, with a potential move towards the 48000 levels. Notably, the 48000 Call strike in Bank Nifty holds a significant Open Interest (OI) of approximately 27 lakhs shares, while on the Put side, the 47000 strike retains a sizable OI of around 36 lakh shares. It's recommended to consider purchasing Bank Nifty futures within the range of 47400-47450, targeting 47800-48000, while setting a stop loss at 47250.

The short-term trend of the market is choppy and this range-bound action is expected to continue for the next few sessions, once again, avoid buying mid and small-cap stocks for now.

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

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Mid Market Comment by Mr Shrey Jain, Founder and CEO SAS Online - India's Deep Discount Broker

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