BANKNIFTY TECHNICAL ANALYSIS & DERIVATIVE ANALYSIS

BANKNIFTY BULLISH BREAKOUT ZONE 54600 BANKNIFTY BEARISH BREAKOUT ZONE 54000 OPEN INTEREST UPDATES IN OPTION CHAIN : HIGHER OPEN INTEREST SEEN @ 54500 CALL & 53800 PUT. AS PER DATA ANALYSIS MARKET LOOKS NEGATIVE. TECHNICALLY MARKET IS TRADING IN OVERSOLD ZONE AND MAY BOUNCEBACK FROM THIS LEVEL. AS PER OPTION CHAIN ANALYSIS 53800 LOOKS STRONG SUPPORT LEVEL. MAXIMUM PUT WRITING SEEN @ 53800 PUT LEVEL. IF BANK NIFTY BREAK LEVEL THAN 53800 WILL BE NEXT SUPPORT LEVEL. NEAR TERM 54500 IS STRONG RESISTANCE LEVEL. PUT CALL RATIO OF MIDCPNIFTY IS 0.99 THIS PCR RATIO INDICATES CALL AND PUT ARE EQUALL AND [CR RATIO INDICATES NOW MARKET LOOKS NEUTRAL. PRIVATE BANKS ARE LOOKING GOOD FOR LONG TERM INVESTMENT.