BANKNIFTY TECHNICAL LEVEL & DERIVATIVE STRATEGY

BANKNIFTY BULLISH BREAKOUT ZONE 56500 BANKNIFTY BEARISH BREAKOUT ZONE 55800 OPEN INTEREST UPDATES IN OPTION CHAIN: HIGHER OPEN INTEREST SEEN @ 56500 CALL & 56000 PUT. TODAY AS PER DATA ANALYSIS MARKET WAS RANGE BOUND NOT SEEN AGGRESSIVE MOVEMENT IN CALL OR PUT SIDE. AND VOLUME WAS ALSO LOW. AS PER OPTION CHAIN ANALYSIS 56500 LOOKS STRONG RESISTANCE LEVEL . CRUDE OIL PRICE IS NOW STABILISED ANY DOWN FALLL IN CRUDE OIL PRICE MAY PUSH BANKNIFTY ON A HIGHER SIDE. BUT STILL HEAVY WEIGHT BANK SUCH AS ICICI BANK , HDFC BANK LOOKS ARE WEAK COMPARE TO SMALL PRIVATE BANKS. TODAY PUBLIC SECTOR BANK SEEN VERY GOOD SHORT COVERING AND SBI WAS LOOKING GOOD BUT STILL AVOID POSITIONAL BUY DUE TO HIGHER UNCERTAINITY.