2024-02-21 11:51:24 am | Source: PR Agency
Mid-market comment by Mr Shrey Jain, Founder and CEO SAS Online - India's Deep Discount Broker
Below the Quote on Mid Market Comment by Mr Shrey Jain, Founder and CEO SAS Online - India's Deep Discount Broker
Despite a neutral global market sentiment and slight selling from foreign institutional investors (FIIs), the domestic market remains robust, hitting a lifetime high for the second consecutive day. GIFT Nifty suggests a positive opening near the 22250 levels. We anticipate Nifty to trade with a positive bias today. On the downside, significant Put strikes are observed at 22000 and 22100, expected to provide immediate support.
Looking ahead, if Bank Nifty sustains above 47200 levels, we foresee a move towards 47500 levels. Notably, the 47000 Call strike in Bank Nifty holds substantial Open Interest (OI) of around 23 lakhs shares, while the 47000 Put strike holds sizable OI of approximately 29 lakh shares. It's advisable to adopt a "buy on dips" strategy in this scenario.
Looking ahead, if Bank Nifty sustains above 47200 levels, we foresee a move towards 47500 levels. Notably, the 47000 Call strike in Bank Nifty holds substantial Open Interest (OI) of around 23 lakhs shares, while the 47000 Put strike holds sizable OI of approximately 29 lakh shares. It's advisable to adopt a "buy on dips" strategy in this scenario.
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