Weekly chart of BANKNIFTY. This chart also suggests that the strong support base is shifted towards up side in the BANKNIFTY.This support region comes to about 21050 kind of levels. Currently if we see, we have come quite above our marked supports in the chart. The way we have identified the open of the weekly levels as important support, even in BANKNIFTY the same level comes to around 22300 kind of level which is another good support for us. BANKNIFTY on the last 2 days have witnessed even bigger up moves compare to NIFTY. Even in BANKNIFTY lots and lots of shorts have contributed to up move more than fresh buying and hence we have come to a level where some caution is good.
Derivatives Analysis:
Current week's OI data it is very much clear that there are more PUTS OI is accumulated compare to that of CALLS both in NIFTY and BANKNIFTY. Surprisingly there are still many shorts trapped as can be seen in OPTION CHAIN. On NIFTY 1.8M CALLS at 11900 strike and 780K CALLS on 11800 strikes are trapped. The same way, on BANKNIFTY 190K CALLS at 23800 strike and 390K CALLS at 23500 strikes are trapped. These trapped calls on NIFTY and BANKNIFTY can still make sure some higher levels to cross. On NIFTY, higher CALL OI is wit- nessed at 12000-12200 levels & higher PUT OI is witnessed at 11800 and 11700 levels. On BANKNIFTY, higher CALL OI is at 24000-24500 levels and PUT OI is at 23500-23000.
Derivatives Analysis:
Current week's OI data it is very much clear that there are more PUTS OI is accumulated compare to that of CALLS both in NIFTY and BANKNIFTY. Surprisingly there are still many shorts trapped as can be seen in OPTION CHAIN. On NIFTY 1.8M CALLS at 11900 strike and 780K CALLS on 11800 strikes are trapped. The same way, on BANKNIFTY 190K CALLS at 23800 strike and 390K CALLS at 23500 strikes are trapped. These trapped calls on NIFTY and BANKNIFTY can still make sure some higher levels to cross. On NIFTY, higher CALL OI is wit- nessed at 12000-12200 levels & higher PUT OI is witnessed at 11800 and 11700 levels. On BANKNIFTY, higher CALL OI is at 24000-24500 levels and PUT OI is at 23500-23000.