Banknifty has shown the long pending cover up trend. I mean it was all obvious that it will catch up with other indices sooner or later.
However it has yet not shown the kind of quick recovery happened in other indices like Dow jones or Nifty. Nevertheless an option seller is more concerned how the strikes
expires on expiry and what probabilistic estimate can be proposed for a price to trap inside the range. I tried to offer the range based on three posibilities on the kind of price opens tomorrow and forms price action to support its movement. Each possibilities is depicted in different color, you can judge that my bias is bullish and the price should close on the higher level even if we witness some range bound movement
However it has yet not shown the kind of quick recovery happened in other indices like Dow jones or Nifty. Nevertheless an option seller is more concerned how the strikes
expires on expiry and what probabilistic estimate can be proposed for a price to trap inside the range. I tried to offer the range based on three posibilities on the kind of price opens tomorrow and forms price action to support its movement. Each possibilities is depicted in different color, you can judge that my bias is bullish and the price should close on the higher level even if we witness some range bound movement