BANKNFITY PREDICTION & OPTION CALL PUT TIPS FOR 18 APRIL TO 22 APRIL 2022

Type	R1	R2	R3	PP	S1	S2	S3
Classic	38,024	38,300	38,680	37,644	37,368	36,988	36,712
Fibonacci	37,895	38,050	38,300	37,644	37,394	37,239	36,988
Camarilla	37,808	37,868	37,928	37,644	37,687	37,627	37,567

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The Bank Nifty index saw fresh short position built up in the future segment indicating weakness. The index however is stuck in a broad range between 37,000-38,000 and a breach on either side will result in trending action.  The index if breaches the level of 37,000 next week will open room for further downside towards 36,000 level. Banknifty points to an immediate trading range between 37500-38500 levels. The Banknifty is unlikely to break above 38500 in coming week expiry 21 dec 2022, thus advising investors to wait for a dip around 37500-37800 or a break above 38200 to go long. For the banknifty , we suggest taking a buy-on-dips approach. Very high call writing is seen at 38200 levels on the Bank Nifty front. This level also has the maximum Call OI accumulation. As such, Bank Nifty is unlikely to go beyond this point. On the downside it has support at 37500 for the next week . Bank Nifty has proved resilient given recent profit taking; However, crossing the 38500 zone would be difficult in coming week . On the downside, the 37500 level has a maximum PE OI, so this zone would act as immediate support. Participants should wait for a dip around 37600-37700 or a breakout above 38000 to go long. The Bank Nifty Put Options OI distribution shows that 37500 has the highest OI concentration, followed by 37200 and 37000, which could act as support for the current expiration, and on the call front, 38000 showed, followed by 38500 and 39000, a significant OI concentration and could act as a drag. On the weekly options of 21 april 2022 expiry , call writing was seen at 38000, 38200, and 38500, while on the put side, it was seen at 37000, 37200, and 37500. Options data showed an immediate trading range between 37000 and 38000.