BANKNIFTY Mini Zone of Contention
Banknifty has formed a mini zone here ( 35400-35000) levels.
This also happens to be the Target 1 for the weekly levels ( refer to weekly post below ). So this zone is acting as a support.
Add to this the fact that we have very high OI at 35500 CE and 35000 PE so the zone is a further strong reference.
Break outside this zone has a strong play potential and one has to be mindful to be prepared for that opportunity. There is potentially a fast 500 points+ on offer.
This also happens to be the Target 1 for the weekly levels ( refer to weekly post below ). So this zone is acting as a support.
Add to this the fact that we have very high OI at 35500 CE and 35000 PE so the zone is a further strong reference.
Break outside this zone has a strong play potential and one has to be mindful to be prepared for that opportunity. There is potentially a fast 500 points+ on offer.
But the breakout play worked out beautifully.