BANKNIFTY WEEKLY SUMMARY 20 APR-24 APR 2020

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BUY BANK NIFTY 20200 CALL @ 230 

 BUY BANK NIFTY 18400 PUT @ 260 
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In this week, Bank nifty opened by 13 points at 21086 and reached a high of 21099 and then dropped to a low of 19002 with a big fall of 2084 points. Banks that have led the bull market over the last five years are now taking the market down to under 30 unfortunately. 35% weight age in Nifty is by banking stocks which are still looking very negative on medium and long term charts. The banks were clearly distorted. Bank Nifty fell by 45% as compared to 37% fall in Nifty. While Nifty has recovered 21%, Bank Nifty has risen 17% since then. Many of the top line shares in Bank Nifty are going to fall to the bottom. The same Nifty came close to the 9400 level, but the Bank Nifty did not cross 21,500 in mid-March, which is a clear indication that the weakness will indeed be different from the Bank Nifty. Bank Nifty is expected to reach the level of 19,500 in an instant. And if it is violated, one drop can be seen up to 18,300 and possibly as many as 17000.