MARKET SUMMARY | BANKNIFTY TREND
Banknifty trend for the concluded week was flat with the last weekly trading session ending in the red with a loss of 249 points. It made a high above the weekly resistance levels at 30004 and saw profit booking from those levels.
Let us look at probable future BANKNIFTY levels using current data available and technical indicators.
OPEN INTEREST DATA | BANKNIFTY TREND
As per Option Interest data chart above, maximum Put writing is seen at 29500 followed by 29000 and maximum Put writing is seen at 30000 followed by 30500.
We are likely to see support or buying coming in at 29500. Any breakdown from 29500 will lead to more fall due to short covering and head below 29000 levels.
Strong resistance/selling are seen at 30000 levels. Any breakout from this level will push the Index towards 30500 levels which is its next strong resistance and where the maximum Call writing is seen.
From the above 15 minute Chart, Pivot Points/Fib levels suggest current support at 29531 and 29430. If these levels breakdown we can expect strong Support level at 28897.
On the resistance levels, current supply zone is at 29993 and 30035. I see major resistance coming in at 30004.
CONCLUSION | BANKNIFTY TREND | WEEKLY EXPIRY | 28 MARCH 2019
My personal opinion is that though we may see correction, shorting should be avoided. Wait for entry opportunities.
If we get any dips at 28800-29000, I would use it as an opportunity to enter with a target of 30000 and above with Stop-loss at around 28600 levels.
You can combine the above data with a 20 Day Moving average and 15-minute Candlestick pattern formation to identify trend reversal on the upside again.
DISCLAIMER: The Banknifty trend analysis above is intended for general Information and Educational purposes only. It is not a Buy/Sell recommendation. Please use your own risk management techniques. Any loss incurred from following my personal analysis will solely be at your own risk