BANKNIFTY TECHNICAL ANALYSIS & DERIVATIVE STRATEGY

BANK NIFTY BULLISH BREAKOUT ZONE 55000 BANKNIFTY BEARISH BREAKOUT ZONE 54700 OPEN INTEREST UPDATES IN OPTION CHAIN : HIGHER OPEN INTEREST SEEN @ 55000CALL & 55000 PUT. AS PER DATA ANALYSIS MARKET LOOKS POSITIVE . YESTERDAY BANKNIFTY WAS TRADING IN OVERSOLD ZONE AND TODAY WE SEEN RELIEF RALLY. BUT OVERALL MARKET TON IS STILL NEGATIVE SO AVOID POSITIONAL BUYING. AND LOWER CRUDE OIL PRICES MAY PUSH BANKNIFTY ON HIGHER SIDE. AS PER OPTION CHAIN ANALYSIS 54500 LOOKS STRONG SUPPORT LEVEL. MAXIMUM PUT WRITING SEEN @ 54500PUT LEVEL. IF BANKNIFTY BREAK 54500 LEVEL THAN 54000 WILL BE NEXT SUPPORT LEVEL. NEAR TERM 55200 IS STRONG RESISTANCE LEVEL. PUT CALL RATIO OF BANKNIFTY IS 0.88 THIS PCR RATIO INDICATES CALL OPTION SELLERS ARE STILL DOMINATING IN THIS MARKET. AND PRIVATE BANK LOOKS MORE ATTRACTIVE COMPARE TO PUBLIC SECTOR BANK.