BANKNIFTY TRADE SETUP 06/10/2020

Resistance zone - 22657.66 / 22514.30

Support zone - 22227.59 / 22084.23.

With massive uncertainty in the domestic and global markets, one can be certain that volatility is here to stay. Options data for Oct series indicate highest Call Open Interest at the strike of 23000 and highest Put Open Interest at the strike of 22000. Thus Options data suggest a trading range with Resistance at 23000 and Support at 22000.

Trade: Will look to short on any rise towards resistance zone with targets of 22227.59 / 22084.23.