BankNifty is trading at 26915 at 12.45 PM, First half of the day bulls have won, bulls have been winning from past 3-4 days, with the help of global markets relief rally.
Coming to domestic markets – good monsoon on some parts of INDIA, Good PMI data on manufacturing and service, all eyes on GST number, IIP data for the next few days.
What next for BNF – Close above 26840- 26960 is what bulls want to prove for at least a week – to confirm their power and their direction.
Bears, any pullback for intraday, is not a trend change, for now, they need to close below 26460- on lower range and they want to maintain 26960 is not broken on the closing basis on an upper range
As of now, 26460 has been broken, bears have lost 1st round, 2nd round is 26960 if they are unable to close below this for, it’s a sign for losing 2nd round too.
3rd round is 27060-27120-27180-27220, close above this, they will have to worry a bit and panic sets in
Last and 4th round is 27390-27460 – if they are unable to stop bulls on closing basis for at least a week.
Bulls will march to new territory.
Coming to this week expiry
26800 call option is what I would track – above 90, 160, 260,220-250-280-320
Below 90 – 60
Any close below 60 for 5 hours – “0”
27000 Put – below 160-80-40
Anything below 40 close for a day and a half -“0”
Above 160-190 -230-280
Need to close above 190 for any comeback!
All the Best
Trade less and trade from savings money