BANKNIFTY for 20th February

Banknifty was weaker than Nifty today since after the initial fall, Nifty later turned back and broke its opening price to make a green hammer candle on daily chart , whereas Banknifty could not break its initial opening price and closed below it, but closed just above its 100 DEMA . Please check my video posted on youtube under channel name Market Movers India for slightly more exhaustive and analytical content . As per option chain data, on PUT side, highest total OI is at 30500 strike backed by decent Put writing (3.63 lakh contracts) but charts show a reliable buying area slightly lower between 30255 & 30330. On CALL side, highest total OI is at 31000 understandably which also shows a slight resistance on charts but a reliable Selling area is seen between 31260- 31325. To back this data, we have 2nd highest total OI and highest Call writing at 31200. These levels, I understand, are quite far from CMP but yes, those are levels on which I will rely to take trades.
All the best. Happy trading.

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