bank nifty is forming pole flag pattern and with nifty at ATH, we can see bnf also following the same path, moreover max OI for august month is at 37000 which is another bullish sign!. We just need to wait for breakout to happen!
As we are heading towards monthly expiry, 34300 will act as support and 35300 will be a crucial resistance, so one can sell call and put above these support and resistance.
safers can sell 34300 pe only and risk takers can form strangle as mentioned .
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Bank nifty has given a pole flag breakout and is strongly bullish for july month.
it has the capacity to go for all time high and a 3000 point move can be expected..
you can either invest in bank bees or short 35000 put options.
major support= 35000
target duration= Mid. August.
There was a head and shoulders formation on day frame and the neck line did got broken but the closing low is still unbroken and the Tl breakout happened..
looks bullish for the time being.
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HDFC BANK Is looking bullish as it has been under a long consolidation where 1490 is acting as a major support which is also a 50% retracement of wave AB.
reliance has already given a huge rally and now we can expect the same for hdfc.