Banknifty has tried to move upwards, Hdfcbank and kotak bank are bit reluctant to move upside, global markets are up as of now, need to close as they started, they are up after long week of downside
My View-Which could be wrong, sense, monday going to be big trend day on upside
BankNifty Futures Trading at 26360 at 10.30 am, This level is a make or break level for the bulls for the coming few days, if it sustains above these on the closing basis for next few trading session, markets may edge towards 26570-26660-26720-70-26880-26960 for the coming weekly expiry.
Bears should protect 26490 for the week on the closing basis if they BNF may retest the levels of 26360-26250-26120-25980-20.
Drawdown depends upon global markets, they have corrected for last few weeks, if they see a downside for the next week too, Our markets could be in a free fall mode. If they take support, we will skyrocket for next few days.
Today I would track 26500 call options trading now at 132, it should not trade below 120 , for at least 1 hour, if it trades above, we could see 160-190-220.
Trade less -Trade form Savings money
All the best
BankNifty Trading at 26420, at 10.40 AM, Markets are trading flat with downside spike and upside spike in the first hour of the trade.
Magic Number is 26490 for the day – Above that sustains by 2-3 PM, we could see the close somewhere between 26620-26660.
Another Scenario, if it trades above 26660 by 2.40 PM, then 26770-26880, unlikely, but nothing can be predicted, anything can happen in markets.
Magic Number 26360- below that sustains by 2-3PM, we could see the close somewhere between 26250-26120.
Another Scenario, if it trades below 26250 by 2.40 PM, then 26120-26060. anything can happen in markets
If BNF trading majority of the time between the range of 26360-26490 till 2.40-3 PM.No trade zone.
Survive for the day is the rule.
Looking 26400-call options
26500 -put options
26400 call should trade above 40 by 2.55 pm or else “0” if trading ONLY above 90-120-140-180-220-260
26500 put should trade above 15 by 2.55pm or else “0” if trading ONLY above 140-250-320-380
Trade less-Trade from savings money
All the best