BankNifty opened with a small Gap-down and we saw selling in the morning towards the 38400 zones which acted as support and BankNifty remained in a 100-150 points range throughout the day.
Trades we took today -
> Bought BankNifty 38700 PE at 520 which went towards our First Target 570 and Traders booked profit in this Trade > Bought BankNifty 38800 CE at 400 which went above our First Target 450 and Traders booked profit in this Trade > Bought BankNifty 38700 CE at 400 which we booked with 10 points loss as there was not much movement > Bought BankNifty 38500 PE at 430 which went towards our Second Target 500 and Traders booked profit in this Trade
Today was a weekly expiry and we always trade the next week option to avoid fast premium decay in the range-bound market.
Overall, a range-bound expiry though Traders booked some profit.
Today's low is important, if BankNifty breaks 38370 we may see a fast down move for 120 - 250 points.
Expectations for Tomorrow: Trending Day.
Intraday Levels: Buy Above 38600 Sell Below 38370
To motivate me, Please like the idea If you agree with the analysis.