Banknifty 24th July Expiry (Weekly Analysis)

There is an interesting observation in Banknifty option chart. We are seeing a strong PUT support, that means market is likely to be bearish in coming week. Here are 2 possible scenarios based my study. Banknifty may start positive for the week and then start going down. However we need to be mindful that there is strong support also downside. Even if we are biased towards Bear direction for the next week, we will be confined in the zone 51700-52500.(Likely range). Again i am assuming high risk on Budget day.

The channel should be respected, breaking the channel would take Banknifty to 52800 levels, where there is Monthly Supply zone(resistance), overall, it will be sell on rise.

Disclaimer: The observations are based on my personal study and favorable for my own personal trades.