BANKNIFTY TECHNICAL LEVEL & DERIVATIVE ANALYSIS

BANKNIFTY BULLISH BREAKOUT ZONE 56900 BANKNIFTY BEARISH BREAKOUT ZONE 56300 OPEN INTEREST UPDATES IN OPTION CHAIN: HIGHER OPEN INTEREST SEEN @ 56600 CALL & 56500 PUT. AS PER DATA ANALYSIS MARKET LOOKS SLIGHT BULLISH. AND AS PER OPTION CHAIN ANALYSIS NEAR TERM RESISTANCE FOR POSITIONAL INVESTOR IS 57000 LEVEL AND 56000 WILL BE KEY SUPPORT LEVEL FOR BANKNIFTY. IN LAST 3 DAYS PRIVATE SECTOR BANKS ARE PERFORMING VERY VERY WELL COMPARE TO PUBLIC SECTOR BANKS SPECIALLY HDFC BANK. CRUDE OIL PRICE IS NOW STABILISED AROUND 102 $. FURTHER DECLINE IN CRUDE OIL PRICE MAY PUSH BANKNIFTY ON HIGHER SIDE. AVOID POSITIONAL TRADING IN BANKNIFTY AND TRADE WITH SHORT TARGET. ANY IMPROVEMENT IN GEO POLITICAL SITUATION WILL GIVE BUY OPPORTUNITY.