Today markets closed in the red ... this is the second negative closing after 4 UP days. Advance decline was positive which is a good sign.
Broader trend is up above 6080 spot... this is the recent swing low which also happens to be very close to previous swing low at 6000.
Option writing support exists at 6000. This means option writers do not expect 6000 to break this series. It does NOT mean that 6000 will come.
First time this series we are seeing call writing resistance ... this is minor as of now and is located at 6400 strike price.
Intraday charts point to overlapping legs... an absence of a strong selloff is a bullish sign.
BANKNIFTY trend is up with swing low support at 10670... minor support exists at 11250.
Broader trend is up above 6080 spot... this is the recent swing low which also happens to be very close to previous swing low at 6000.
Option writing support exists at 6000. This means option writers do not expect 6000 to break this series. It does NOT mean that 6000 will come.
First time this series we are seeing call writing resistance ... this is minor as of now and is located at 6400 strike price.
Intraday charts point to overlapping legs... an absence of a strong selloff is a bullish sign.
BANKNIFTY trend is up with swing low support at 10670... minor support exists at 11250.
Breakouts today
Source: based on study of publicly available information (websites, media, tv etc) and charts
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