Bank nifty exhibited more weakness today than Nifty. All major component banks fell by 1-4.5%. Option chain shows similar Call writing at all strikes near CMP, highest being seen at 27500. On PUT side, highest total OI is at 27000 but with too less fresh Put writing and there is unwinding at all strikes at and above 27100. So again like yesterday, no conclusive support can be drawn from this data. Since it was a one way fall, some retracement might happen tomorrow but do not buy in that phase since we are now back to ' Sell on rise ' market. As the fall continued, BNF created two reliable selling areas which are marked on chart.
So one can take trade with SL.
All the best. Happy trading.
So one can take trade with SL.
All the best. Happy trading.