Technical Analyst, owner of TRADEMANIAC
Banknifty formed a second consecutive big bearish candle In last two sessions it fell more than 1500 points. Open interest indicated adding huge OI on CE side
Banknifty Index will open negative near 38200. If it takes momentum towards upside ,it may reach 38400. If sustain here @ 38400 then further upside rally can be seen. Otherwise, Banknifty will reverse from here. Suppose, after opening, it does not take momentum towards upward direction then it may slip further towards 38050 and 37940.