Welcome to BANKNIFTY Futures and options and optionchain data analysis for friday
โฝ Banknifty weekly pivot is at 37500
โฝAnd monthly pivot is at 37326 ,( intraday levels were explained below I hope that it will help a lot , do like ,share , follow for more ... )
๐ if we see day frame chart of BANKNIFTY currnetly trading above 21Day , 50 Day , 100 Day moving averages
๐ Taking support at 21Day MA
๐ BANKNIFTY Forming Bullish candle on daily frame
๐ฏ Key levels to watch out for day trader
๐ Major resistance zone for BankNifty is at 37950-38050 ( if see the option chain data on call 38000 CE strike holding more number for short position which will act as strong resistance area to bank Nifty )
โฝ If market breakout resistance then we can see Target of 38300
โฝ Whenever until breakout that resistance level don't trade
โฝ Stop loss will be 37850
โฝIf gap down or slight gap up happens then 37900 will be resistance zone
๐ Major support level for BankNifty
โฝ Support level for nifty lies at 37400-37350 (in option chain data at 35000 PE strike holding more shorts position now it maybe act as support zone)
โฝ Whenever until breakdown this level don't take a trade
โฝ if Market successfully breakdown this level then we can take a trade
โฝ And we can see the Target 1 will be 37100
โฝSTOP loss will be 37500
โฝ Market will be indecisive between 37350-37900
๐levels for banknifty futures will be also same
โฝGo long on banknifty Futures if it breakout the resistance ie . 38050-38100
โฝ Don't short the market until below the 37500
Don't take a trade if market open above or below our levels bcz market don't like gaps let the market to consolidate first and then take a trade
๐ TRADESHOTS
โฝ Resistance level for CE buyers /option buyers is at 37950-38050
โฝ support zone to buy PUT / PE is at 37400-37350
โฝ BankNifty will be weaker below the 37500
โฝ Banknifty weekly pivot is at 37500
โฝAnd monthly pivot is at 37328
Thanks for reading ๐
I hope that it will help a lot and if I'm wrong kindly comment mine mistake surely I will correct it
If you like it do follow for more and give reputation which will boost mine confidence to do more.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.