BANKNIFTY Update 04. 02. 2021

As discussed in yesterdays blog BANKNIFTY strategy would be to short puts near support zone or on possible dips and that worked well. The strategy for tomorrow is that we could try to short 35100CE if BANKNIFTY breaks trend line. We could possibly expect some sort of profit booking in the second half.

Banknifty Resistance Zone - 35251.333/35004.891

Support Zone - 34512.009/34265.568

Trade: will short calls below 34650.