Bank Nifty Making interesting Price Action
BANKNIFTYbank nifty is at crucial level . it has good support between 34800-34300 level it is most strong support and last hope for buyers . You can call it as a last line of defense for buyers .
We can also identify multiple time tested trandline coming from upside . this trend line and flat support area is making good triangle pattern in Bank nifty . it can cross in either side .
but its clearly shows big momentum is coming in the market in few days
Talking about upside 36700-37000 can be a good resistance for the index .
Because of increased volatility options premium are very high . so option selling can be a good choice but be careful with your risk capacity
If we look at march month monthly expiry options data we can observe good open interest buildup on 35000 for put side and 36000 for call side . These levels are same foe 3rd march expiry and next week expiry .
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I am not a sebi registered analyst. This channel is for only educational purpose. Any profit/loss, i am not responsible. Before taking any trade please consult your financial advisors. Thanks
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