There is a strong Demand Zone @ 22500-23000.
If it will hold this zone then one up move is possible to the next Supply Zone @ 23400-23700-24000 in coming days...
Bank Nifty is looking weak below it's Supply Zone @ 23600-23800.
If it will not able to sustain above 23600 then I may short 24000 call option...
Once it will sustain below 23500 and if it will give follow through below this level then I may take a short position in Fut for the target of 23250-23200. If it will sustain below 23200 then next target will be 23000.
If BankNifty sustains below the HVN low of 23531 then revisit of the previous VAH 22440 is possible. There is no interbetween support within the range. Positional short trigger below DBXS - 23383. Weaker global cues may support this move thick and fast.
Banknifty had a severe fall on 31 August, when India and China had some argument near the border in Leh. This triggered a huge sell off from the day's high and Banknifty ended around 3% lower for the day. Today, Banknifty consolidated in a range and this was expected as Banknifty had 2 continuous trending days. Usually after a trending day, a stock or index...
Sell CE of 25500 at spot of 24200 and. 24600 for Sept and October. Buy CE of 26000 to make it bear call spread.
Ratio should be 2: 3 for 25500 and 26000 CE
Disc : It's not an advise to buy or sell
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Bank Nifty Future has seen sell off from Channel Resistance technically, where some negative news has added the spice to the bears. For the September Series 25270- 25300 in the strong resistance and Strategy to sell on the rise should be the plan (CMP 23775) if Bank Nifty Future Closes above 25300 we may see BN again entering bullish zone.
