Hi Traders,
In previous attempts Bank Nifty has reversed from the mentioned range 3 times, if long from 42000-42200 levels profit booking can be seen on those levels.
Furthur upper side possible only if BN sustains in 42625+ range for more than 15-20mints on 5mint chart.
Yellow Zone:Congestion zone, Option Chain Analysis gives us idea that range between 42300-42400 is a congestion zone where call writing and put writing is almost at similar levels and the two strike prices are used to create range throughout the day.
Its a zone where maximum decay would take place if you enter into CE or PE buy. If you are seller you can possibly make money but in both cases keep Strict SL.
Green Zone: Levels of 42000-42200 are a strong support zone for bank nifty, in intraday buying has been seen at 42200-42250 levels which has moved banknifty to higher range of 42300 during closing.
Caution: Bellow 42200 fall of 100-150 points if no pull back bank nifty can move to 41800-41700 levels.
Above 42630 bank nifty can quickly move towards 43000-43120-43170 range and beyond that.
In previous attempts Bank Nifty has reversed from the mentioned range 3 times, if long from 42000-42200 levels profit booking can be seen on those levels.
Furthur upper side possible only if BN sustains in 42625+ range for more than 15-20mints on 5mint chart.
Yellow Zone:Congestion zone, Option Chain Analysis gives us idea that range between 42300-42400 is a congestion zone where call writing and put writing is almost at similar levels and the two strike prices are used to create range throughout the day.
Its a zone where maximum decay would take place if you enter into CE or PE buy. If you are seller you can possibly make money but in both cases keep Strict SL.
Green Zone: Levels of 42000-42200 are a strong support zone for bank nifty, in intraday buying has been seen at 42200-42250 levels which has moved banknifty to higher range of 42300 during closing.
Caution: Bellow 42200 fall of 100-150 points if no pull back bank nifty can move to 41800-41700 levels.
Above 42630 bank nifty can quickly move towards 43000-43120-43170 range and beyond that.