Banknifty Option Chain Data is not very good on bullish side.
But it is start of the week so we can expect put writers active next week
Bank Nifty is heading toward hitting 38400 according to Bollinger Band on hourly chart.
RSI is also near 60.
we can expect Bank Nifty to move towards 38400.
But We will get confirmation only above 38100.
38100 is level from where we have seen two rejection in last week.
So if Bank Nifty break 38100 and trade above it then surely we can expect 300-400 points rally in intraday.
On Downside 37400 is key level. If Bank Nifty break down below 37400 then we will see 36800 and 36500 levels in Bank Nifty.
So Buy above 38100 and sell below 37400 whichever come first.
But it is start of the week so we can expect put writers active next week
Bank Nifty is heading toward hitting 38400 according to Bollinger Band on hourly chart.
RSI is also near 60.
we can expect Bank Nifty to move towards 38400.
But We will get confirmation only above 38100.
38100 is level from where we have seen two rejection in last week.
So if Bank Nifty break 38100 and trade above it then surely we can expect 300-400 points rally in intraday.
On Downside 37400 is key level. If Bank Nifty break down below 37400 then we will see 36800 and 36500 levels in Bank Nifty.
So Buy above 38100 and sell below 37400 whichever come first.
Comment:
Any dip in Banknifty up to 37900-37940 is buying opportunity for another 300 points
Comment:
If 38000 call writers leave their position we will get short covering move upto 38500
Comment:
Done Upside target 38400