BANKNIFTY sell on high for this expiry

BANKNIFTY has closed above the 89 EMA on daily chart. If it sustains above this level for the first hour, immediate range is 37000-37200. We may see short covering in options. But if it opens weak tomorrow, it will be dragged down towards 36500. Options data suggests heavy call writing on 37000 and max pain at 36500. So any rise towards 37200 will meet with stiff resistance.

DISCLAIMER: I am not a SEBI registered investment advisor. The views expressed here are solely for educational purpose, and no trade should be taken on basis of this view.