BANKNIFTY TECHNICAL LEVEL & DERIVATIVE STRATEGY

BANKNIFTY BULLISH BREAKOUT ZONE 58000 BANKIFTY BEARISH BREAKOUT ZONE 57780 OPEN INTEREST UPDATES IN OPTION CHAIN : IN INTRADAY HIGHER OPEN INTEREST SEEN @ 58000 CALL & PUT . AS PER DATA ANALYSIS BANKNIFTY LOOKS BULLISH BECAUSE HEAVY PUT SELLING SEEN @ 57900 PUT OPTION AND BANKNIFTY LOOKS MORE SOLID COMPARE TO NIFTY. AND PRIVATE BANK LOOKS MORE ATTRACTIVE COMPARE TO PUBLIC BANK. AND FUNDAMENTALLY PE RATIO OF PRIVATE BANK IS VERY LOW AND LOW PE RATIO INDICATES VALUATIONWISE PRIVATE BANK IS ATTRACTIVE. 58000 LOOKS STRONG RESISTANCE LEVEL FOR BANKNIFTY. IF BANKNIFTY BREAK 58000 BARRIER THAN 58500 WILL BE NEXT RESISTANCE LEVEL AND AVOID SELLING PUT OPTIOM BECAUSE PREMIUM OF PUT OPTION IS HIGHLY UNDERVALUED.