Nifty and Banknifty gave a large move yesterday. Nifty made a low of 11776 and recovered almost 180 points. Being an expiry day today it can be very much volatile moves.
Here are the trendlines and support and resistance for today in Nifty.
Option chain suggests that a good resistance is at 12000 if Nifty opens flat or above 11900 and good support is at 11800.
It seems that Nifty will be mostly in a range for today between 11897 and 11956. Breakout of this range would be suggesting that the Nifty will expire on that side.
BankNifty option chain suggests resistance at 25000 and support at 24500. Banknifty seems more bullish than nifty and the closing was 1.34% positive side.
Banknifty seems to be forming a triangle. Trading inside the triangle would be a good idea. Breakout of the triangle would be a very volatile move.
My analysis suggests that the expiry will be happening on the negative side. So selling calls and buying puts will be a good option if the market opens flat.