BANKNIFTY for 5th November

Trading in Banknifty (BNF) is really tricky tomorrow. BNF and Nifty both finished as Doji candles with higher high, higher low and higher closing price than last trading session's candle. Nifty is reaching previous high levels and Banknifty is reaching highs made on 23rd September (next trading session after 20th Setember, day of corporate tax cut announcement). I am saying this to underline that momentum is strong and yet there is such strong Selling area on BNF chart, shaped up due to taday's sudden fall. Option chain data also show highest fresh Call writing and 2nd highest total Call OI at 30,500 strike, which is where selling area is. For buying, support can be taken as today's low. Again, option chain data shows highest fresh Put writing at 30,100 and 30,300 (almost same figures at both strikes) which is where support can be found. So for tomorrow, trades on both sides can be realised- Buy between 30220 -30300 and Sell between 30550-30600 with SL of around 100 points and 200-250 points profit target.
All the best. Happy trading.