Bank Nifty Analysis for 21Sept23

20 set 2023

Option Trading Analysis for Bank Nifty for 21/09/23

Key Points:

Global markets closed negative on 20/09/23, which led to a sharp fall in Bank Nifty.
Bank Nifty opened below its shared support levels, indicating a bearish sentiment.
Put writers are heavily positioned at 45300 levels, suggesting that there is strong resistance at this level.
Support and Resistance Zones:

Support: 45300, 45100, 44900
Resistance: 45700, 45933, 46150
Trading Strategy:

Long: If Bank Nifty sustains above 45700 levels, then traders can go long with a stop loss below 45300 levels.
Short: If Bank Nifty breaks below 45300 levels, then traders can go short with a stop loss above 45700 levels.
Risk Management:

Traders should always use stop losses and risk management techniques when trading options. It is important to remember that options are a leveraged product and can result in significant losses if not traded carefully.

Disclaimer:

This is not financial advice and traders should always do their own research before taking any trading decisions.