Bank Nifty technical setup after Budget

By | February 1, 2018
  • As Discussed in Last Analysis  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   Low made today was 27046 so bulls protected 27000 but failed to close above 27455. Bullish above 27300 for a move towards 27455/27620.  Bearish below 26980 for a move towards 26800/26650/26500. Important intraday time for reversal can be at 2:21   What not to do on Budget Day Trading

 

 

  • Bank Nifty Feb Future Open Interest Volume is at 20.9 lakh with addition of 0.05 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @27248, closed below it
  • 28000 CE is having highest OI @5.7 Lakh resistance at 28000 followed 28500.27000-29000 CE added 3.9 lakh in OI so bears added at higher levels.
  • 26500 PE is having highest OI @6 Lakh, strong support at 27000 followed by 26500.26000-29000 PE  added 0.99 lakh in OI still strong support at 27000-27100 .

 

Buy above 27250 Tgt 27320,27400 and 27520 (Bank Nifty Spot Levels)

Sell below 27151 Tgt 27080,26980 and 26800 (Bank Nifty Spot Levels)

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