Please read this along with my post on Nifty to get clear perspective. Bank nifty broke the stop-loss which I had suggested yesterday and then came down. But the damage was done. Let's see what we have for tomorrow.
!) Option Chain data- On PUT side, total highest OI (8.16 lakhs) is at strike 26500 which also has highest fresh Put writing (4.41 lakhs). But it is very far. Near ATM, total highest OI (5.21 lakhs) is at 27000 with fresh Put writing at 2.52 lakhs. On CALL side, total highest OI (10.18 lakhs) is at 27500 strike which has very low fresh Call writing (64,620). Highest fresh Call writing (2.47 lakhs) is at 27600 strike. So as per OC data, 27500 & 27600 both look like Ok resistances and 27000 as Ok support. Like NIFTY, here too fresh option writing is slightly low in numbers and both are poised equally, suggesting that BNF can go in any direction. For the same reason, I have marked both, buying and selling areas on chart
2) Chart- BNF finished as a strong green candle with higher high and lower low, showing that it is actually rearing to go. today toomif you look at 5 min chart, you will find that it was pulling Nifty up. Hence it broke lot of resistances and finally yesterday's high too. So for tomorrow, expiry day, trade with strict Sl since in second half, trade reversals are common on expiry day.
All the best. Happy trading.
DISCLAIMER: I am short on BNF but for next expiry.
!) Option Chain data- On PUT side, total highest OI (8.16 lakhs) is at strike 26500 which also has highest fresh Put writing (4.41 lakhs). But it is very far. Near ATM, total highest OI (5.21 lakhs) is at 27000 with fresh Put writing at 2.52 lakhs. On CALL side, total highest OI (10.18 lakhs) is at 27500 strike which has very low fresh Call writing (64,620). Highest fresh Call writing (2.47 lakhs) is at 27600 strike. So as per OC data, 27500 & 27600 both look like Ok resistances and 27000 as Ok support. Like NIFTY, here too fresh option writing is slightly low in numbers and both are poised equally, suggesting that BNF can go in any direction. For the same reason, I have marked both, buying and selling areas on chart
2) Chart- BNF finished as a strong green candle with higher high and lower low, showing that it is actually rearing to go. today toomif you look at 5 min chart, you will find that it was pulling Nifty up. Hence it broke lot of resistances and finally yesterday's high too. So for tomorrow, expiry day, trade with strict Sl since in second half, trade reversals are common on expiry day.
All the best. Happy trading.
DISCLAIMER: I am short on BNF but for next expiry.