banknifty is going flat and choppy now at around 35500 because of the support and resistance both are at higher side . we need to wait for a proper break out.
There is very equal and high open intrest buuild up for 36000 and 35000..so which side banknifty will move is the key .
we can enter PE Buy , if banknifty breaks below 35480(turning down) and when it breaks 35420(it confirms downtrend) and next support is 35360.. other reference entry point is , if hdfc breaks below 1548.30 , we can enter pe buy in banknifty..both these price 1548.30 and 35480 will be in synch at same time.
to enter ce buy , we have to wait for banknift to cross above 35625(turning upside). and above crossing 35705(confirms uptrend).important next reistance is 35825.
thanks