Bank Nifty Options Chain Technical Analysis Shows Bullish Trend
Bank Nifty has been in an uptrend since October 2023, and the options chain technical analysis suggests that this trend is likely to continue in the near term.
The call options chain shows a higher concentration of open interest at higher strike prices, which suggests that the market is expecting Bank Nifty to continue its upward momentum. The put-call ratio (PCR) is also above 1, which further confirms the bullish sentiment in the market.
Traders should keep an eye on the following key levels:
Support: 43,500, 43,200, 42,800
Resistance: 44,000, 44,500, 45,000
Traders can consider the following trading strategies:
Bullish: Buy call options with a strike price above the current price, with a target of 44,500 and a stop loss of 42,800.
Neutral: Buy ATM straddle or strangle options to profit from increased volatility.
Bearish: Sell call options with a strike price below the current price, with a target of 42,800 and a stop loss of 44,000.
