BANKNIFTY TECHNICAL LEVEL & DERIVATIVE STRATEGY

BANKNIFTY BULLISH BREAKOUT ZONE 57550 BANKNIFTY BEARISH BREAKOUT ZONE 57250 OPEN INTEREST UPDATES IN INTRADAY HIGHER OPEN INTEREST SEEN @ 57500 CALL AND 57300 PUT. IN INTRADAY PSU BANKS SUCH AS SBI , BANK BARODA AND CANARA BANKLOOKS MORE WEAK IF WE COMPARE WITH PRIVATE BANKS. NIFTY BANKS LOOKS WEAK DUE TO EXPECTATION OF HIGHER INFLATION IN THIS QUARTER DUE TO RISING AGREECULTURAL COMMODITIES PRICES . IF BANK NIFTY BREAK 57300 LEVEL THAN SELL ON RISE STRATEGY WILL BE USEFUL. AND FOR POSITIONAL INVESTOR RESISTANCE LEVEL OF BANKNIFTY IS 57800 & 56500 AND SUPPORT IS 57000. OPTION BUYER CAN TAKE BUY POSITION ONCE MENTION LEVEL BRAKE. SEPTEMBER OPTION DATA LOOKS BEARISH SO DONT BUY AGGRESSIVELY.