Bank Nifty expiry day price action ( BANKNIFTY )

Today EOD BANKNIFTY option pain is at 23300 and i have observed that expiry takes place around or above option pain. Keeping that in mind price may test 38% and 50% of Fibonacci. Wherever structure is matching with Fibonacci possibility of resistance increases.

Areas where we can expect the expiry to happen are marked on chart with yellow marks.

1. All assumptions will work if option pain remains at same level or shifts up.
2. If price falls and option pain remains at the same level then quick pullback can be seen.
3. If Option pain falls with price then bulls wont be able to touch the marked levels.
4. If price falls quickly then structural supports and zones needs to be observed.

I am sharing this idea for understanding of option pain and its usage. Traders can start following the concepts on all prairies.

Traders who don't know about option pain can Google it, there is lot of information available on internet.