Structural View
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NF AND BNF DURING MARKET TIME
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BNF holding STD CHANNEL
BNF JUNE Contract BNF had a spike open on 22/05/2023. Ignore the spike open and high. Consider the high of 29/05/2023 as the high of the current rising phase. The high formed on 29/05/2023 is 44525. A rising 1 St. Deviation Channel has been drawn on the price chart. The channel has been held and created support at 43861 and 43455. The low of 43455 is the higher bottom of the current phase and 43455 as the trading higher bottom. The demand zone created by 43455 is 43796-43455. A fall and close below 43861 with bearish large candle can mark the high of 44525 an intermediate swing top. This could lead down for correction to test 43455,43000 and 42800. The higher top and higher bottom formation is still in place. Further rally is above the breakout above 44525. Traders long and holding the same may keep 43861 as downside trigger to protect long position. Down trigger is 43861 if closes with bearish candle.
Options Sells Why ?
BANK NIFTY 44700 CALL 27th JULY 2023 Red Candle is because Open Interest Increased with the fall and negative candle which indicates addition of short position on EOD. In such situation objective remains to exit long and sell on last close or above or at R1 or above keeping in mind 2 days highest high as the stop loss. If at closing time after 3.00 pm or later if price is above the 2 days high, then enter long. Try at 3.15 or later or last few minutes closing time. When Green is seen on the chart. Open Interest increased with the rise and positive candle which indicates addition of long position. Plugin for the same is available can be contract for MS users.
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