Welcome to BANKNIFTY Futures and options and optionchain data analysis for friday
β½ Banknifty weekly pivot is at 37500
β½And monthly pivot is at 37300,
β½PUT side Open interest is decreasing possible reversal may occur caution ( intraday levels were explained below I hope that it will help a lot , do like ,share , follow for more ... )
π if we see day frame chart of BANKNIFTY currnetly trading above 21Day , 50 Day , 100 Day moving averages
π Taking support at 21 DMA
π― Key levels to watch out for day trader
π Major resistance zone for BankNifty is at 38050-38100 ( if see the option chain data on call 38000 CE strike holding more number for short position which will act as strong resistance area to bank Nifty )
β½ If market breakout resistance then we can see Target of 38300
β½ Whenever until breakout that resistance level don't trade
β½ Stop loss will be 37950
β½If gap down or slight gap up happens then 37900 will be resistance zone
π Major support level for BankNifty
β½ Support level for nifty lies at 37400-37300 (in option chain data Put side strikes shorts position were exiting means OI is negative it means downside movement is possible in other words potential reversal is possible)
β½ Whenever until breakdown this level don't take a trade
β½ if Market successfully breakdown this level then we can take a trade
β½ And we can see the Target 1 will be 37100
β½STOP loss will be 37480
β½ Market will be indecisive between 37350-37900
πlevels for banknifty futures will be also same
β½Go long on banknifty Futures if it breakout the resistance ie . 38050-38100
β½ Don't short the market until below the 37500
Don't take a trade if market open above or below our levels bcz market don't like gaps let the market to consolidate first and then take a trade
π TRADESHOTS
β½ Resistance level to BUY call only above 37050-38100
β½ support zone to buy PUT only below 37400-37300
β½ BankNifty will be weaker below the 37500 β½ Banknifty weekly pivot is at 37500 β½And monthly pivot is at 37300
Thanks for reading π
I hope that it will help a lot and if I'm wrong kindly comment mine mistake surely I will correct it
If you like it do follow for more and give reputation which will boost mine confidence to do more.
bro I have buyed 37600CE at 125rs at 3.25 bro...Is that right??
rajatkumar1201
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@dhanavasanthakumar world market is still negative as the reason may be due to price hike of crude oil... now watch out what sgx nifty is doing if it perform well overnight then stay positive π
dhanavasanthakumar
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@rajatkumar1201 okay bro...banknifty is getting support at cpr now...and today over down fall so...small gap up will start..on banknifty... (it's my expectation)