According To the Monthly Chart bank nifty has formed a bearish candlestick whose high is 24199.65 so till this level is not going to break banknifty then we cannot expect an uptrend Strong Support for this month is the 24200 Level And once it crosses then 25000 levels will act as a Strong Resistance. For the downside move, the first support will be 21000 and once it will break then we can see 20500 Level will act as good support which is 100EMA.
Banknifty Is weaker than nifty.
According to the Weekly chart, Banknifty is taking support exactly at 10EMA and good support for this week is 21000 level If Banknifty started moving upside then the first resistance is high of the current candle which is nearby 23200Level and if this cross then 23500 level till this week the supply zone for bank nifty will be 23200-23500level.
According to Daily Chart, last Two Days Banknifty is forming a Doji candlestick which is indecisive once the low of this which is nearby 22200level will break then we can see down move up to 21500 Level which will act as good support and if the high of this candle which is nearby 22668 levels will break then we can see move up to 23065level And If this also crosses then 23930 levels will act as a Strong Resistance which is nearby 200EMA at Daily chart.
Coming To Option Chain Data:-
Put Side 22000 Level has the Highest Open Interest which is more than 5 lakh and has the highest change in Open Interest which is more than 2 lakh.
21500 Level has 2nd Highest Open Interest which is more than 4 lakh and has a change in Open Interest more than 1.9lakh. So This will act as Strong Support.
Coming To Call Side 23000 Level has the Highest Open Interest which is more than 6.5lakh and has a change in Open Interest more than 2.5 lakh. So This Level will act as Strong Resistance
Then 23500 Level the Highest Open Interest which is more than 4.8lakh and the Highest Change in Open Interest which is more than 1.9 lakh so This Level will act as Strong Resistance for this week Coming To PCR Value is 0.87 which indicates consolidate and slightly bearish.
By Seeing All Data And Technical View
This week Range for Banknifty is
21000-24000 this is an extreme range for this week expecting Banknifty to Trade Between this
Level.
Hope this Analysis Will help you for the coming week trading this analysis is just for educational purposes don’t take a trade based on this. You should do your own analysis if your analysis will match with mine then you can take a trade based on your risk.
Thank You Analysis By,
Mr. Suraj Kaushal.

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