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Data Trends

BankNifty – For 18th August 2021

Important References from Marketprofile

36,276F – Single Print selling area – Previous Resistance where PE writers failed.

35960F-36000F – Support.

35,628F – Single Print Buying area – Support

36252F – Single print selling area resistance supported by Call writers from 16/8

36070F – selling singles from 17/8

Important References from Open interest data

36252F – Single print selling area resistance supported by Call writers from 16/8

35885F – Place where call writers failed and gave up on 17/8 which was previous PBL support.

Calls vs Puts Activity from 17th August 2021

BNF opened as expected below 36070F and went on lower to test 35870F and later went much lower on the back of Call writing. Later in the day there was a swift reversal due to lack of participation from calls and puts at lower levels where the previous trend formed from buying singles of 35628F gave a support and bulls recovered and made call writers unsuccessful.

But there are no fresh interests that are buildup today and being carried that can also mean an explosion so any gap open don’t play contra.

36255F still remains the level where siginificant short covering could unfold for BNF.

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