BANKNIFTY SPOT ANALYSIS 29-04-2019

Currently, Banknifty has been rejected about 2 times form its ATH of 30770 level, and i am expecting it to go down,but nifty is not supporting my bias.As we can see from chart ,macd gave bearish divergence,which banknifty respected and then it reacted to lower levels ,and presently the macd is bearish ,but banknifty is holding good support from EMA 34 and supertrend.Once it get down below these levels ,we can expect it to go more levels towards downside(28400 levels).As Indian Lok sabha Election completion and result is near,the IV is increasing day by day,Currently the Iv rank is around 84 which is high . So we should think of selling strangle of above 30800 Calls and below 29200 Puts.By the way29435 & 29167 is a short term support for banknifty.Let the market decide where it want to move ,then we will readjust the position.