Banknifty Update
As per current Auction of Banknifty, Buyers are getting absorbed when prices are reaching near 36300 and sellers are getting absorbed when prices are reaching near day's low.
This is a classic scenario where we can wait for a clear breakout on either direction.
So, wait for banknifty to give breakout either on upside or on downside and make trading decision accordingly.
As per option chain of banknifty, there is a Sell on rise scenario.
Heavy writing (short position) is sitting in 36500CE and Long positions are less in put options, which is indicative of market to stay sideways to slight bearish atleast for today. but if breakout comes today only, then there is high probability that market should give breakout on downside
As per current Auction of Banknifty, Buyers are getting absorbed when prices are reaching near 36300 and sellers are getting absorbed when prices are reaching near day's low.
This is a classic scenario where we can wait for a clear breakout on either direction.
So, wait for banknifty to give breakout either on upside or on downside and make trading decision accordingly.
As per option chain of banknifty, there is a Sell on rise scenario.
Heavy writing (short position) is sitting in 36500CE and Long positions are less in put options, which is indicative of market to stay sideways to slight bearish atleast for today. but if breakout comes today only, then there is high probability that market should give breakout on downside