36,276F – Single Print selling area – Previous Resistance where PE writers failed.
35244-287F – VPOC and buying singles from 3/8 now resistance.
35820F – VWAP/VPOC from trend day
36145F-36070F – Zone where PE writers failed from 18/8
35964-994F – Zone where PE writers failed from 18/8
35220F – Resistance from Call writers on 20/8
Open of today was as expected and much lower to make advantage of trapped put sellers from the previous day, After the opening we did see both sided option writing in BankNifty at the opening followed by CE writers dominating which kept Banknifty under pressure and weak close.
As per overall data from 20/8 CE writers had conviction for one-sided writing and we can expect weakness to continue in BNFgoing into the open on 23/8.
Immediate resistance is at 35220F from call writers
36255F still remains the level where siginificant short covering could unfold for BNF and new resistance now is 35964F-35996F.