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RKMAURYA

Banknifty Intraday Analysis for 12th April 2024

Nifty Financial Services Index (NSE:CNXFINANCE)  
RKMAURYA Updated   
NSE:CNXFINANCE   Nifty Financial Services Index
Support and Resistance Supply and Demand Trend Lines
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supportandresistance supplyanddemand trendline
BANKNIFTY

Highest Call writing of 17.65 Lakh at 49000 strike followed by 9.00 Lakh at 49500. Highest Put writing of 13.36 Lakh at 49000 strike followed by 10.65 Lakh at 48500 strike.

Index may face resistance near 49000 - 49100 level and retraces if index reaches in the area and Call writing build up takes place at 49000 level.

If Index sustain near 49050 - 49100 level and Call unwinding takes place at 49000 strike then index may reach near 49400 - 49500 level.

If Index down to 48800 level and Put build up takes place at 49000 strike then index bounce to 49000 level.

Reversal of short term trend only possible below the 48600 level which is less likely in the near term.
Comment:
As US Market tanked on 10th and 11th April 2024 due to higher CPI numbers, Index is expected to gap down opening and find support near 48600 - 48500 level and should bounce back otherwise it may further tank to 48100 level.
Trade closed: target reached:
Gap down opening and tanked to low near 48525 level as analysed.
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