BANKIFTY TECHNCIAL LEVEL & DERIVATIVE ANALYSIS

BANKNIFTY BULLISH BREAKOUT ZONE 55800 BANKNIFTY BEARISH BREAKOUT ZONE 55300 OPEN INTEREST UPDATES IN OPTION CHAIN : HIGHER OPEN INTEREST SEEN @ 56000 CALL & 55600 PUT LEVEL. AS PER DATA ANALYSIS MARKET LOOKS VERY BEARISH. AS PER OPTION CHAIN ANALYSIS 55500 LOOKS STRONG SUPPORT LEVEL BECAUSE MAXIMUM PUT WRITING SEEN @ 55500 LEVEL . IF BANK NIFTY BREAK 55500 LEVEL THAN WILL SEE MORE DOWNSIDE. BANKNIFTY PUT CALL RATIO IS 0.76 INDICATES SINCE MORNING SESSION CALL WRITERS ARE DOMINATING IN OPTION MARKET. CRUDE OIL PRICE IS TRADING ABOVE 100 $ INDICATES STILL MARKET HAS HIGHER INFLATION RISK. AND YESTERDAY US STRONG ECONOMIC DATA ALSO INDICATES US FED WILL INCREASE INTEREST RATE IN UPCOMING FUTURE. SO USE SELL ON RISE STRATEGY FOR SHORT TERM.