BANKNIFTY TECHNICAL LEVEL & DERIVATIVE STRATEGY

BANKNIFTY BULLISH BREAKOUT ZONE 56700 BANKIFTY BEARISH BREAKOUT ZONE 56300 OPEN INTEREST UPDATES IN OPTION CHAIN : HIGHER OPEN INTEREST SEEN @ 57000 CALL & 56500 PUT. AS PER DATA ANALYTICS MARKET LOOKS SOLID. AS PER OPTION CHAIN ANALYIS 57000 LOOKS STRONG RESISTANCE LEVEL. MAXIMUM CALL WRTIING SEEN @ 57000 CALL AND 56000 LOOKS STRONG SUPPORT LEVEL. MAXIMUM PUT WRITING SEEN @ 56000 PUT. SHORT TERM TRADER BUY WITH 57000 TARGET FOR 1 TO 2 DAYS. PUT CALL RATIO IS 0.96 INDICATES STILL MARKET LOOKS RANGE BOUND. CRUDE OIL PRICE IS DECREASING THIS IS GOOD SIGN FOR BANKING SECTOR. TODAY HEAVY SHORT COVERING SEEN IN PUBLIC SECTOR BANKS. BUT VALUATION POINT OF VIEW PRIVATE SECTOR BANKS ARE LOOKING MORE GOOD.