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29-02-2024 10:26 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
In the last session, Nifty experienced a breach of its immediate support at the 22000 levels, accompanied by notable selling pressure. Ahead of today's expiry, analysis of the Nifty Weekly Option OI Distribution indicates significant Open Interest of approximately 160 lakhs shares at the 22200 Call strike, while the 21800 Put strike holds substantial Open Interest of approximately 58 lakhs shares, suggesting key levels to watch.
Looking ahead, 21800 is likely to serve as a support level on the downside. While Nifty has historically bounced back from similar levels, a drop below 21700 could precipitate a sharp decline in the near term. Immediate resistance is anticipated within the range of 22150-22200 levels.
Looking ahead, 21800 is likely to serve as a support level on the downside. While Nifty has historically bounced back from similar levels, a drop below 21700 could precipitate a sharp decline in the near term. Immediate resistance is anticipated within the range of 22150-22200 levels.
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