BANKNIFTY TECHNICAL LEVEL & DERIVATIVE STRATEGY

BANKNIFTY BULLISH BREAKOUT ZONE 55850 BANKIFTY BEARISH BREAKOUT ZONE 55300 OPEN INTEREST UPDATES IN OPTION CHAIN : HIGHER OPEN INTEREST SEEN @ 55600 CALL & 55600 PUT. AS PER DATA ANALYSIS MARKET LOOKS RANGEBOUND AND BOTH SIDE OPTION SELLING SEEN. AS PER OPTION CHAIN ANALYSIS 56000 LOOKS STRONG RESISTANCE LEVEL AND 55500 LOOKS STRONG SUPPORT LEVEL MAXIMUM PUT WRITING SEEN @ 55500 PUT LEVEL. BANKNIFTY PUT CALL RATIO IS 0.82 INDICATES CALL OPTION SELLERS ARE DOMINATING MARKET. BUT OVERALL TREND LOOKS BEARISH DUE TO WEAKNESS OF FUNDAMENTAL FACTOR. HIGHER CRUDE OIL PRICES AND HIGHER AGRICULTURAL PRODUCTS PRICES ARE PUSHING INFLATION ON HIGHER SIDE. SO MEDIUM TERM POINT OF VIEW STILL LOOKS BEARISH SO SELL ON RISE STRTEGY WILL USEFUL.