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
Yesterday, the Nifty witnessed an impressive rebound of almost 250 points from its intraday low, culminating in a record-breaking close. This surge has propelled the Nifty into a new territory, surpassing the significant milestone of the 22,500 mark.
Looking ahead to today's weekly expiry, we anticipate the continuation of this positive momentum, propelling the Nifty towards the 22,750 levels. Notably, the 22,600 Call strike in Nifty exhibits considerable Open Interest (OI) of approximately 66 lakhs shares, indicating strong interest at this level. Conversely, on the Put side, the 22,300 strikes boast significant OI of around 99 lakhs shares, suggesting robust support.
Meanwhile, in Bank Nifty, both the 48,000 Call and Put options show substantial OI, signaling a consolidation around the current levels. Given the prevailing positive sentiment and bias, we foresee further upward movement in the market.
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