Bank Nifty -Showing lot of indecisiveness with 3 weak candle formation in the latest 3 days and barely holding onto its 100 DEMA.bnifty holding above 44500-800 is very critical.
BNIFTY closing above 44800 on closing basis would trigger a rally towards 45000+whereas BNIFTY closing below 43500 would result into formation of Double top/M -Bearish pattern and if confirmed more than 500-700 point fall is on the cards.
Put Option writing suggests strong support at 44200-its 100DEMA levels and Call writing suggests strong resistance at 44800.
Neutral and sideways move till it trades above its res zone 44800-45000 or below its 43500 support zone
BNIFTY closing above 44800 on closing basis would trigger a rally towards 45000+whereas BNIFTY closing below 43500 would result into formation of Double top/M -Bearish pattern and if confirmed more than 500-700 point fall is on the cards.
Put Option writing suggests strong support at 44200-its 100DEMA levels and Call writing suggests strong resistance at 44800.
Neutral and sideways move till it trades above its res zone 44800-45000 or below its 43500 support zone