Indian stock market analysis

Above is the chart of Nifty as you can see Nifty has tested 17800 for 3 consecutive times and again went to 18100-18200. You see the second chart, a trendline has been drawn in the chart, Nifty is touching that trendline.

 

Nifty Chart

So it is clear that now a range has been formed in Nifty from 17800 - 18200. Now if Nifty breakouts this trendline with volume in the coming days, then Nifty can go up to 18500. If you have margin then you can sell 17800 pe and 18300 ce options this can be a great way to play the range. I told above range, if there is breakout in nifty then it will go upto 18500 and if there is 17800 break on down side then it can go upto 17500-17400.

Banknifty Chart

Now let's talk about banknifty. Banknifty has taken support on the downside at 41600 and the trendline it will touch above will be 43200. The breakout of banknifty will be above 43200 .