BankNifty have closed at 26265, after few days of the sideways movement, markets have broken out the range
What’s the strategy for the day
The Magic Number is 26250, anything below that level, BNF looks weak, next stop is 26120,26060.
Below 26060 Close for at least 1 or 2 days will open the gate for 25880,25750
Nobody knows whats in store !
On the Upside – 26220 is the magic number for bulls, above that -next stop is 26330,26470,26570
The range is 26470-26250 IN BNF
In Options – Would be looking 26300 PE -should trade above 80. if not able to cross 180, it could test 120, then 80 next stop would be 60, 35 and the final stop would be “0”. This levels will hold good till tomorrow weekly expire
On the upside 26300 PE – above 180 -240-320-350-380-420
On the Bullish side – would be looking out 26100 CE -should trade above 150, if unable to fall below this level – next stop is 180-230-270-340-370-410-440-470. This levels will hold good till tomorrow weekly expire
On the downside -below 150-gates are open for 120-80-40-20- finally “0” .
Let me see what happens in markets – I am tracking both the options strikes
Trade less & Trade from savings money
All the best
Sagar U S
