BANKNIFTY TECHNICAL LEVEL & DERIVATIVE ANALYSIS

BANKNIFTY BULLISH BREAKOUT ZONE 54800 BANKNIFTY BEARISH BREAKOUT ZONE 54200 OPEN INTEREST UPDATES IN OPTION CHAIN : HIGHER OPEN INTEREST SEEN @ 54500,55000CALL & 54500, 54000 PUT. AS PER DATA ANALYSIS MARKET LOOKS VERY NEGATIVE. AS PER OPTION CHAIN ANALYSIS 54000 LOOKS STRONG SUPPORT LEVEL. MAXIMUM PUT WRITING SEEN @ 54000 PUT LEVEL. IF BANKNIFTY BREAK 54000LEVEL THAN 53200WILL BE NEXT SUPPORT LEVEL. NEAR TERM 54800 IS STRONG RESISTANCE LEVEL. TECHNICALLY BANKNIFTY IS TRADING IN OVERSOLD ZONE AND MAY BOUNCEBACK TOMORROW. BUT INTRADAY AVOID LONG SIDE BUT DURING LAST SESSION BUY ON DIPS WILL WORK. PUT CALL RATIO OF BANK NIFTY IS 0.68 THIS PCR RATIO INDICATES CALL OPTION SELLERS ARE STILL DOMINATING IN THIS MARKET.