As discussed Bank Nifty broke resistance for the day in first 5 min and traded above 31466 for most part of the day. It made a top around 31588 but low volumes at higher prices pushed it back near resistance for the day. I updated live on social media platforms that 31466 is a safe level for those who are long. However, very small range occurred with call sellers doing well. Put buyers had no luck from last 2-3 days due to very high premiums in futures being managed throughout the day.
Decision Range 31490-31506 Support for the day 31397 Resistance for the day 31587
Expectation Initial range with sharp down move after mid day My trade I'll try to sell calls near resistance
Note on expiry 31300 PE at 7-8 rs can be tried for 20-25 target