BANKNIFTY approaching a resistance

BANKNIFTY is approaching a very strong resistance around the 36700 levels, with the EMA 89 on daily chart and the 0.382 Fib level creating a confluence around it. Call writing at 36500 and 37000 strikes indicates a rough phase for the bullish rally. EMA 21 on the weekly chart will also act as a resistance at 36600 levels. On the downside, 36000, 35500 will act as major supports because of EMA 200 on hourly chart and daily chart.

DISCLAIMER: I am not SEBI registered advisor. Views are personal and for purposes of study only.