Hii Traders 😊 ,
Welcome to BANKNIFTY Futures and options
and optionchain data analysis for friday
◽ Banknifty weekly pivot is at 37500
◽And monthly pivot is at 37326 ,( intraday levels were explained below I hope that it will help a lot , do like ,share , follow for more ... )
🛑 if we see day frame chart of BANKNIFTY currnetly trading above 21Day , 50 Day , 100 Day moving averages
🛑 Taking support at 21Day MA
🛑 BANKNIFTY Forming Bullish candle on daily frame
🎯 Key levels to watch out for day trader
🛑 Major resistance zone for BankNifty is at 37950-38050 ( if see the option chain data on call 38000 CE strike holding more number for short position which will act as strong resistance area to bank Nifty )
◽ If market breakout resistance then we can see Target of 38300
◽ Whenever until breakout that resistance level don't trade
◽ Stop loss will be 37850
◽If gap down or slight gap up happens then 37900 will be resistance zone
🛑 Major support level for BankNifty
◽ Support level for nifty lies at 37400-37350 (in option chain data at 35000 PE strike holding more shorts position now it maybe act as support zone)
◽ Whenever until breakdown this level don't take a trade
◽ if Market successfully breakdown this level then we can take a trade
◽ And we can see the Target 1 will be 37100
◽STOP loss will be 37500
◽ Market will be indecisive between 37350-37900
🛑levels for banknifty futures will be also same
◽Go long on banknifty Futures if it breakout the resistance ie . 38050-38100
◽ Don't short the market until below the 37500
Don't take a trade if market open above or below our levels bcz market don't like gaps let the market to consolidate first and then take a trade
🛑 TRADESHOTS
◽ Resistance level for CE buyers /option buyers is at 37950-38050
◽ support zone to buy PUT / PE is at 37400-37350
◽ BankNifty will be weaker below the 37500
◽ Banknifty weekly pivot is at 37500
◽And monthly pivot is at 37328
Thanks for reading 😊
I hope that it will help a lot and if I'm wrong kindly comment mine mistake surely I will correct it
If you like it do follow for more and give reputation which will boost mine confidence to do more.
have a nice day 😊