BANKNIFTY TECHNICAL LEVEL & DERIVATIVE ANALYSIS

BANKNIFTY BULLISH BREAKOUT ZONE 56500 BANKNIFTY BEARISH BREAKOUT ZONE 56000 OPEN INTEREST UPDATES IN OPTION CHAIN: HIGHER OPEN INTEREST SEEN @ 56500 CALL & 56000 PUT. AS PER DATA ANALYSIS MARKET LOOKS RANGE BOUND. AS PER OPTION CHAIN ANALYSIS 56500 LOOKS STRONG RESISTANCE LEVEL AND 56000 IS KEY SUPPORT LEVEL. BANKNIFTY PUT CALL RATIO IS 0.89. PUT CALL RATIO INDICATES CALL OPTION SELLERS ARE DOMINATING MARKET. TODAY STLL PRIVATE BANKS ARE LOOKING GOOD COMPARE TO PUBLIC SECTOR BANKS. HEAVY PROFIT BOOKING SEEN IN PUBLIC SECTOR BANKS SPECIALLY IN BANK OF BARODA, AND PNB. POSITIONAL TRADER CAN TAKE LONG POSITION AFTER 56500 LEVEL AND SHORT OPPORTUNITY WILL CREATE IF BANKNIFTY BREAK 56000 LEVEL.