Banknifty has Given Breakout above 28400 ?

Banknifty has given a breakout of 28 August 2018 High 28400 today.

BankNifty closed at 28443

As we discussed in the previous blog https://www.weeklypaisa.com/2019/03/banknifty-fibonacci-levels.html banknifty Vedic number 28404 touch kar sakta he ? and today Banknifty has made a high of 28488.

Banknifty has maximum Open Interest on Call side 2.78 Lakh at Strike Price 28700 and maximum OI on Put side is 3.4 Lakh at strike price 28200 followed by 7.25 lakhs at 28000. So Upper side 28700 is resistance and 28200 , 28000 is strong support. 


India VIX is at 15.06 (0.17% Up) is suggesting that the market is going towards Overbought Zone. 

Put Call Ratio (PCR) weekly is 1.61. Banknifty may give one small correction tomorrow.

Daily CandleBig Bullish on Daily Chart

Banknifty daily candlestick chart and Fibonacci Levels.


Banknifty daily candlestick chart and Fibonacci Levels.

Banknifty daily candlestick chart and Fibonacci Levels.

Banknifty closing Price is 28443. On the Daily chart, Banknifty has made a bullish candle. 28400 is 28 Aug 2018 High which is broken today. If banknifty does not break 28404 during the whole day tomorrow then it will go towards 28700.

Do not short in any small correction.

Strategy 


Weekly: Sell Banknifty 14th March 28000 PE: CMP 26.20

Intraday:


Buy above 28512 Target 28575, 28638, 28701, 28764

Sell below 28404 Target 28350, 28296, 28242 , 28188



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