2 min read

Market View 20230904

Market View 20230904

For this week, I'll wait to see if the BankNifty retreats below the trendline, confirming the downward trend, or whether it will move sideways as part of a further consolidation around 44000 and 45000 levels.

9:52 AM

Looks like a gap down, and then a 700 point move up in the first tick of the candle. This could indicate a range for a breakout / breakdown. But the fact that it opened below the trendline is probably an indication of what is to come...
A look at the September series, we notice a 44500 straddle formation, with a support at 44000 and resistance at 45000/46000. So we can safely say that the range is 44000 <>45000.
A glance at the October series, the picture looks more bullish, with plenty of puts starting from 42000/42500/44000/44500 and with the 44500CE being the only resistance level.
If we use the premiums of September monthly options as a proxy, we have a range of 43500 <> 45600.

So, if I combine the two, I'd say we have 44000 as a strong support, with a bullish upside and resistance at 45000.