BANKNIFTY for 27th September
It was a topsy turvy ride for Banknifty traders today. Similar was in Nifty but this was more vigorous.
1) Option chain data: At the ATM strike of 30000, just like NIfty, there is matching build-up in BNF too- Total Call OI=2.08 lakhs, Call writing=88,080 as against total Put OI=2.99 lakhs, Put writing=2.19 lakhs. So as you can see, out of total OI of around 3 lakhs, 2.19 lakhs was written today. Incidentally this is highest Put writing on any strike seen today and also is highest total OI on PUT side. On CALL side, highest total OI and Call writing is at 30500. So it seems BNF range is from 30000 to 30500 for tomorrow according to option chain data.
2) Charts: Bank Nifty looks locked between 29500 and 30800 for next few days. Today when BNF went up, it briefly touched 30700 but was promptly dragged down to 30500 and thereafter it never touched 30500 also. In the process, a selling area got created as marked on chart. One can take a trade if BNF approaches there with SL as shown.
All the best. Happy trading.
1) Option chain data: At the ATM strike of 30000, just like NIfty, there is matching build-up in BNF too- Total Call OI=2.08 lakhs, Call writing=88,080 as against total Put OI=2.99 lakhs, Put writing=2.19 lakhs. So as you can see, out of total OI of around 3 lakhs, 2.19 lakhs was written today. Incidentally this is highest Put writing on any strike seen today and also is highest total OI on PUT side. On CALL side, highest total OI and Call writing is at 30500. So it seems BNF range is from 30000 to 30500 for tomorrow according to option chain data.
2) Charts: Bank Nifty looks locked between 29500 and 30800 for next few days. Today when BNF went up, it briefly touched 30700 but was promptly dragged down to 30500 and thereafter it never touched 30500 also. In the process, a selling area got created as marked on chart. One can take a trade if BNF approaches there with SL as shown.
All the best. Happy trading.
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