BANKNIFTY TECHNICAL LEVEL AND DERIVATIVE STRATEGY

BANKNIFTY BULLISH BREAKOUT ZONE 57520 BANKNIFTY BEARISH BREAKOUT ZONE 57400 OPEN INTEREST UPDATES IN OPTION CHAIN IN INTRADAY SEPTEMBER EXPIRY HIGHER OPEN INTEREST SEEN @ 57500 CALL & 57500 PUT. AS PER OPTION DATA ANALYSIS MARKET LOOKS RANGE BOUND. OPTION SELLER DOMINATES MARKET AND AS PER DATA LOOKS LIKE BANKNIFTY MAY TRADE NEAR 57500 LEVEL BUT DUE TO MONTHLY EXPIRY WE MAY SEE SOME MOVEMENT AFTER 1 PM. DUE TO LOW VOLATILITIES PREMIUM OF BANKNIFTY TODAY'S EXPIRY OPTION IS LOW. SO AVOID OPTION SELLING AT THIS POINT. PUBLIC SECTOR BANKS LOOKS STABILESE AND PRIVATE SECTOR BANKS ALSO TRADING IN NARROW RANGE. FOR POSITIONAL INVESTOR RESISTANCE LEVEL FOR BANKNIFTY IS 57900 , 58400 AND SUPPORT IS 57100