BANKNIFTY for 24th June

Everybody seems to agree that we are in bearish phase and broad range for NIFTY is 11600 - 11800. That, 11800 is very strong resistance can also be seen by option chain data. Total CALL OI on Friday in 3 strikes of 11800, 11850 and 11900 is more than 70 lakhs and fresh total Call writing (in same strikes) was of 30 lakhs. Compare that on PUT side- The total PUT OI on 3 strikes of 11600, 11650 and 11700 is around 65 lakhs but fresh total PUT writing is -5400 (negative)! The PUT unwinding on 11600 & 11700 was more than total writing in 11650 which means supports are getting jittery! This was Nifty. Banknifty (BNF) looks more strong as compared to Nifty though and that can be seen on charts too. Total OI on Call and PUT side almost matches each other and there is no unwinding near ATM. So SELL NIFTY rather than BNF. For people who want to trade BNF however, I have marked levels on charts. But be cautious and try to piggyback on NIFTY movement meaning go short on BNF when you see Nifty's upward movement marked by resistances on 5 min chart. So SELL BNF between 30780 & 30830, SL above 30850 and target around 30600.