BankNifty opened with a Gap-up above 38700 and after some consolidation, we saw a follow-up upmove towards 38850. It was a range-bound day so not much opportunity for Option Buyers.
Trades we took today -
> Bought BankNifty 38900 PE at 350 which went above 400 but only a few Traders could take the position as it moved fast > Bought BankNifty 38400 CE at 440, added more at 400 which went above our 2nd Target 510 and Traders booked good profit in this Trade > Bought BankNifty 39000 PE at 340 which went near to 500 and Traders booked good profit in this Trade
Overall, a BankNifty Option Buyers booked a small profit on a choppy day.
BankNifty was taking support at 38600, if support breaks tomorrow we may see a fast move.
Expectations for Tomorrow: Range-bound Day, Volatality after 12:20 PM.
Intraday Levels: Buy Above 38810 Sell Below 38600
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