According To the Monthly Chart, bank nifty has to form a bearish candlestick whose high is 24199.65 so till this level is not going to break bank nifty 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 Since it is ready to form bearish Engulfing in this month so if this month close below 21000 then it confirms so moreover we have bearish view For downside move first support will be 21000 and once it will break then we can see 19500level.
Banknifty Is weaker than nifty.
According to the Weekly chart, good support for this week is 21000level If Banknifty started moving upside then the first resistance is high of the current candle which is nearby 23200Level, and if this cross then 23500level till this week the supply zone for bank nifty will be 23200-23500level.
According to Daily Chart, Friday Market fall down and it forms Bearish Engulfing Candle but it bounces Exactly from 20EMA from Daily so if the market starts moving up we can move Up to 23000 Level And Once bank nifty will reach 23000-23200 we can see a selling pressure from that level but if it starts falling down then 1st will be 21400 and once it breaks then 21000 level is a good Support.
Coming To Option Chain Data:-
Put Side 21500 Level has the Highest Open Interest which is more than 5.5 lakh and has the highest change in Open Interest which is more than 1.9 lakh.
21000 Level has 2nd Highest Open Interest which is more than 7 lakh and has a change in Open Interest more than 2.4lakh. So This will act as Strong Support.
Coming To Call Side 22500 Level has the Highest Open Interest which is more than 10lakh and has a change in Open Interest more than 4.4 lakh. So This Level will act as Strong Resistance
Then 23500 Level has the Highest Open Interest which is more than 10lakh and has the Highest Change in Open Interest which is more than 2.5 lakh so This Level will act as Strong Resistance for this week
Coming To PCR Value is 0.65which indicates bearish.
By Seeing All Data And Technical View
This week Range for Banknifty is
21000-23200 Level 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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