BankniftyFuture last close: 34226.30 (+0.1%)
On Tuesday, BankniftyFuture was unable to sustained at higher level
BNF was opened 34150 and went to 34567 then slipped to 34200
The final tally was ended marginally higher 0.1%
Hdfcbank did very well and lift the bank index
Icicibank and Psu bank was seen selling pressure
Volatility index spiked above 25
Option premium did not fall and sustained yesterday’s opening level
ATM straddle was opened around 680 and ended around 680
Short straddle is not worked current scenario
As per open interest, 34000PE added more OI and 34500CE & 35000CE was seen equal OI
Which was indicating 34000 is the strong support zone
Suppose if breaks and holds below 33900…. more trouble for 34K PE writers!!
However, BNF is facing a intraday resistance 34320, 34420 and 34550
Once if breaks and manages above 34550 will try to check 34800
Strong resistance zone around 34800-34850 for today and tomorrow
On flip side, BNF can be considered as supports as 34100 and 33950
Below 33950… expecting more pain up to 33700-33500
More live market update will be sent to my clients only
Updated: 08.25 am / 25th May 2022
