2024-03-12 10:52:23 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
Yesterday, profit-taking in the Nifty was driven by selling pressure in Banking stocks and Reliance. Looking ahead to today, Gift Nifty trends suggest a slightly positive opening for the Indian benchmark index.
Regarding options activity, the 22500 Call strike stands out with substantial Open Interest (OI) of around 81 lakhs shares, expected to present a significant resistance level initially. Additionally, the 22300 and 22400 Put strikes also show significant OI, totaling approximately 32 lakhs shares. On the downside, the immediate support level is anticipated around 22200.
For Bank Nifty, hurdles are expected at higher levels due to aggressive Call writing observed in At-the-Money (ATM) and Out-of-the-Money (OTM) Call strikes.
Despite the market reaching all-time highs, sentiments appear to be somewhat subdued. It may be advisable to focus on trading only in high-quality stocks under such circumstances.
Regarding options activity, the 22500 Call strike stands out with substantial Open Interest (OI) of around 81 lakhs shares, expected to present a significant resistance level initially. Additionally, the 22300 and 22400 Put strikes also show significant OI, totaling approximately 32 lakhs shares. On the downside, the immediate support level is anticipated around 22200.
For Bank Nifty, hurdles are expected at higher levels due to aggressive Call writing observed in At-the-Money (ATM) and Out-of-the-Money (OTM) Call strikes.
Despite the market reaching all-time highs, sentiments appear to be somewhat subdued. It may be advisable to focus on trading only in high-quality stocks under such circumstances.
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The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references.
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