Banknifty was weaker than Nifty today since after the initial fall, Nifty later turned back and broke its opening price to make a green hammer candle on daily chart, whereas Banknifty could not break its initial opening price and closed below it, but closed just above its 100 DEMA. Please check my video posted on youtube under channel name Market Movers India for slightly more exhaustive and analytical content . As per option chain data, on PUT side, highest total OI is at 30500 strike backed by decent Put writing (3.63 lakh contracts) but charts show a reliable buying area slightly lower between 30255 & 30330. On CALL side, highest total OI is at 31000 understandably which also shows a slight resistance on charts but a reliable Selling area is seen between 31260- 31325. To back this data, we have 2nd highest total OI and highest Call writing at 31200. These levels, I understand, are quite far from CMP but yes, those are levels on which I will rely to take trades.
All the best. Happy trading.
All the best. Happy trading.