BANKNIFTY TECHNICAL LEVEL & DERIVATIVE ANALYSIS

BANKNIFTY BULLISH BREAKOUT ZONE 56300 BANKNIFTY BEARISH BREAKOUT ZONE 55700 OPEN INTEREST UPDATES IN OPTION CHAIN: HIGHER OPEN INTEREST SEEN @ 56500 CALL & 56100 PUT. AS PER DATA ANALYSIS BANKNIFTY STILL LOOKS RANGE BOUND. AND AS PER OPTION CHAIN ANALYSIS 56500 LOOKS STRONG RESISTANCE LEVEL BECAUSE HEAVY CALL WRITING SEEN @ 56500 LEVEL AND 56000 LOOKS SUPPORT LEVEL BECAUSE MAXIMUM PUT WRITING SEEN @ 56000 LEVEL. STILL MARKET LOOKS CONFUSED NOW BANKNIFTY IS DEPEND IN RBI ACTION. US FED ALREADY INCREASED INTEREST RATE NOW MARKET IS EXPECTING RBI WILL INCREASE INTEREST RATE. BUT PUBLIC SECTOR BANKS STILL LOOKING GOOD FOR SHORT TERM PURPOSE BUT USE INTRADAY APPROACH RATHER POSITIONAL. CRUDE OIL PRICE IS DECREASING BUT STILL ABOVE 100 $.