Banknifty update Since morning Only 1st 5 minute has a very g | Elixir Order Flow Trading
Banknifty update
Since morning Only 1st 5 minute has a very good sell-off that took place in Banknifty and afterthat although spot is coming down consistently but Put options prices are not going up consistently or, in other words, risk is higher in buying puts risk now and rewards coming are very low.
as per banknifty options data, there are good long positions in put options till 33k strike but at the same time, call writers are not going aggressively short today.
call writers are aggressive only till 33300 strike.
Moreover banknifty is also nearing its historic Demand zone on Daily Chart.
This makes us avoid buying Puts for now and sit and wait and watch the market.
but since 33500 Call is having aggressive shorts sitting today. we can market 2nd 5 min. high and low as reference candle for creating position today. We would prefer buying 33500 put if prices go back to 2nd 5 min. candle's area and give reversal confirmation. We might go long if prices break 33500 strike
