1 min read

Market View 20230712

Market View 20230712

I'm still bearish on the BankNifty, as we haven't filled the gaps below, and we're forming a smaller trendline down.


Today was one of those days, where nothing is happening... just premiums decaying. You can drink your coffee and relax.

BankNifty is still hovering around 44900 (just below the 45000) mark. Typically this leads to a strong move in either direction. That's when you'll have to move fast and take a decision.

Let's have a look at the OI volume, as we can see, there are more CEs than PEs, with a straddle formation at 45000 level, which is close to where we are.

Even in the August series, we see downward pressure, again with the 45000 straddle and higher number of CEs than PEs.

From the above we can arrive at a range of 47000 <> 42000, which is quite wide. But, we can also see a 46000/45500 CE <> 45000 / 44500 PE. Position yourself accordingly...