BANKNIFTY for 19th September

On the news that crude oil throughput from Saudi refineries will be restored soon, oil prices coming down and rupee recovery during the day, I had thought Banknifty (BNF) to cross 27400 on third attempt after 2 pm. But it didn't happen. As a result BNF ended like Nifty with much lower low and almost same low as compared to yesterday. On the back fo fed rate cut, what do we expect tomorrow ? Experts say that 25 bps is already factored in prices so lets see. SGX nifty and other asian markets will guide our openning. Meanwhile lets study other relevant data.
1) Option chain data: On PUT side, highest total OI (5.38 lakhs) is at 27000 strike but highest fresh Put writing (1.86 lakhs) is seen at 27100 which has 2nd highest total OI (3.37 lakhs). So to me 27100 is quite reliable support. On CALL side, highest total OI (8.03 lakhs) and highest fresh Call writing (2.90 lakhs) both are at 27500 strike. Interestingly, at strikes 27200, 27300 & 27400 we are seeing quite good total OI build-up ( above 4 lakhs each) and quite OK Call writing as well which means each of this strike might pose some resistance. But I would still put 27500 as reliable resistance. So for tomorrow bracket stands at 27100-27500.
2) Charts: As written above BNF finished as red candle with LH and almost same low. Due to good news on oil and rupee front, we might open gap-up and break today's resistance 0f 27400 and much before selling area, as shown on BNF 15 min chart, selling pressure may start from 27550 levels if price approaches there. Only word of caution, if this happens quite late in the day, say after 2.30 pm, then don't short because tomorrow being expiry day, wild moves during closing hours can't be ruled out.
All the best. Happy trading.