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Bankniftyspot

Banknifty spot chart analysis for 06.10.2022Banknifty standing on a strong resistance zone of 39108. if banknifty crosses above 39108 then it may reach to the level of 39301. between 39301 to 39483 is also an extremely strong resistance zone. If Bank Nifty crosses over 39483 then it may also cross 39632 and may reach to the level of 39789. if banknifty moves down from where it left off then it may also cross 38947 and may reach to the level of 38781. if banknifty crosses down below 38781 then it may take support on 38608, 38608 is an extremely strong support. If banknifty crosses down 38608 then it take bounce back from bounce back zone. it is highly unlikely that banknifty will cross 39954 tomorrow and reach higher levels.
NSE:BANKNIFTY
by stoxway
Banknifty support and resistance for tomorrow Market is below the max pain point. PCR is 1.52 at the time of close, which indicates more put option- over- call option in -ATM strike. Panic option sellers closed their positions at 33500 to 34000 put option strikes, caused a sharp move on the downside But there are put option sellers at 32900 to 33400 Put strikes not selling which are in the money now. We can expect the market to trade the same half range of today at least till 33300 for tomorrow this is the interpretation that we could arrive with eod OI data. The Marked levels on chart almost coincides with the OI data for the resistance and for support it has multiple price action reference. Good price action signals on the marked level can more likely to be a successful trade. Global market asia is down , Europe Currently trading in red , US is in mild green Stay safe!
NSE:BANKNIFTY
by VigneshkumarR
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