BANKNIFTY TECHNICAL LEVEL & DERIVATIVE STRATEGY

BANKNIFTY BULLISH BREAKOUT ZONE 56300 BANKNIFTY BEARISH BREAKOUT ZONE 55800 OPEN INTEREST UPDATES IN OPTION CHAIN: IN INTRADAY HIGHER OPEN INTEREST SEEN @ 56000 CALL & 56000 PUT. AS PER DATA ANALYSIS MARKET STILL LOOKS BEARISH BUT TECHNICALLY MARKET IS TRADING IN OVERSOLD ZONE THIS IS THE REASON OF MILD RECOVERY DURING MORNING SESSION . ON THE BASIS OF OPTION CHAIN ANALYSIS 56500 LOOKS STRONG RESISTANCE LEVEL. DUE TO US INFLATION DATA TRADER MAY NOT TAKE AGGRESSIVE POSITION. SO MY VIEW IS TOO AVOID OVERNIGHT POSITION DUE TO US INFLATION DATA AND MONDAY HOLIDAY. TODAY PUBLIX SECTOR BANKS ARE STILL PERFORMING VERY GOOD COMPARE TO PRIVATE BANK. PRIVATE BANK STILL TRADE IN RANGE DESPITE POSITIVE NEWS.