As depicted below, the Banknifty is moving in a channel (between blue lines) and 36500-36600 will act as major support. As as according to
1. If Banknifty takes support of 36500-36600 levels (look for price action means look for bullish candle pattern), then Banknifty will go to 36850 levels and/ or 37250 levels.
2. If Banknifty opens GAP-UP, then it will consolidate for a while, if breaks 36850 levels, then you can buy PUT with small quantity for 36600 levels or 150 points (approx.).
3. If open GAP-DOWN, then wait for the price action at 36500-36600 levels, it is recommended to avoid trading.
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