Looks like we will close this week at the highs. This is what risk on looks like. All negative news is factored in and markets do much better when good news comes in. This is the nature of the markets and rather questioning it, we need to follow it.
Most probably, my weekly targets of 17535 on Nifty and 39000 on Bank Nifty will be achieved. To many who call this a bull run, pls understand that reversal rallies and bull runs are 2 different things. Don't get confused.
Nifty. Support is placed at 17300 and resistance at 17550. Could be highly volatile today.
BankNifty. Was under performing yesterday, but should do well today. Support at 37700 and resistance at 38500 and then 38900.
#Derivative. The pain point. Not very good. Indicating a tussle at 17400 to 17450. Incase we go above 17450/470, sharp short covering will take it higher.
Be a smart Trader. Wait for your chance.
Bank Nifty Option Data Analysis
Banknifty options data at 38000 strike till now 2lac + contract standing and today 1lac + contract oi addition we saw where as 37900 has 1lac call writers standing and 37800 call and put writers have similar oi standing 1 lac + contract it means if today bank nifty unable to give close above 37800 and by 2.30 if it starts trading below 37700 then we may see strong put unwinding which may take bnf towards 37500 and below levels
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