28-02-2024 10:27 AM | Source: PR Agency
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
On the expiry day, the Bank Nifty remained subdued amid ongoing market volatility, which hindered its ability to maintain levels above the critical resistance range of 47000-47200. Option data indicates that the 47000 Call strike continues to hold a substantial Open Interest (OI), serving as an immediate resistance level for the day, while 46500 is expected to provide support on the downside.
For the Nifty, we expect a continued consolidation within the range of 22000-22300 levels. A breakout above or below this range is likely to trigger a directional move. Despite this, the Nifty's consistent closure above 22000 for eight consecutive sessions suggests a prevailing positive trend. Given this range-bound market scenario, it's prudent to adopt a strategy of booking profits on highs and buying on dips.
For the Nifty, we expect a continued consolidation within the range of 22000-22300 levels. A breakout above or below this range is likely to trigger a directional move. Despite this, the Nifty's consistent closure above 22000 for eight consecutive sessions suggests a prevailing positive trend. Given this range-bound market scenario, it's prudent to adopt a strategy of booking profits on highs and buying on dips.
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