Banknifty Intraday Analysis for 1st April 2024
Updated
BANKNIFTY Highest Call writing at 47500 strike with 20.14 Lakh Contract and maximum Put writing at 47000 strike with 18.64 Lakh Contract.
If Index open near47000 and Put writing is increasing at 47000 level then Long position initiated for a target near 47500 level.
If Index open below 47000 and Put contract unwinding taking place at 47000 strike then short position is to be initiated for a target near 46600 level. This scenario is less likely to happen.
Trade closed: target reached
Gap up opening near 47400 then made high near 47640 level and closed near 47500 resistance level. Good around 240 points gain.
Disclaimer: Above discussion is not a Buy or Sell recommendation. This is only for educational purpose.
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