Bank Nifty technical setup for Budget day

By | January 31, 2018
  • As Discussed in Last Analysis  Bank Nifty opened with gap down below 27485 was bearish level of 25400 was triggered and did our 1 target. Below 27250 we can fall towards 27151/27000. Bullish above 27485 for a move towards 27652/27777/28000.As we have monthly closing tommrow bulls would like to close above 27300. Bank Nifty did the lower side target in gap down so were able to capture the clear move from 27400-27151, Also we closed above the time cycle low of 27151 today and also closed above 27300 on monthly closing. As we have budget tommrow with loads of volatility.I have mentioned the intraday levels use them for trading. Bulls need a close above 27000 for the uptrend to continue,Below 27000 we can see quick fall towards 26780/26570. Bullish above 27455 for a move towards 27777/28000. Important intraday time for reversal can be at 11/12:30/2:45   What not to do on Budget Day Trading

 

 

  • Bank Nifty Feb Future Open Interest Volume is at 20.8 lakh with liquidation of 0.81 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @27248, closed above it
  • 28000 CE is having highest OI @4.3 Lakh resistance at 28000 followed 28500.27000-29000 CE added 2 lakh in OI so bears added at higher levels.
  • 27000 PE is having highest OI @4.8 Lakh, strong support at 27200 followed by 27000.26000-29000 PE  added 0.6 lakh in OI still strong support at 27000-27100 .

 

Buy above 27455 Tgt 27600,27779 and 28139 (Bank Nifty Spot Levels)

Sell below 27300 Tgt 27090,26840 and 26570 (Bank Nifty Spot Levels)

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4 thoughts on “Bank Nifty technical setup for Budget day

  1. Bramesh Post author

    they will act as trend change levels for remaining of the year..

  2. kishore

    Sir, Awaiting your response to the query posted on Feb 1, 2018

    Rgds

  3. Bramesh Post author

    till we are above 10531 bulls have upperhand in 2018..

  4. kishore

    Sir, Could you kindly explain the significance of Jan 1 opening and 31st January high , of both nifty and banknifty, as mentioned by you , in your new year posting on 1st Jan 2018
    Nifty Open 1st Jan – 10531 Nifty high 31st Jan 11058
    Banknifty Open 1st Jan 25566 Banknifty high 31st Jan 27455

    Regards

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