Bank Nifty Technical setup after Budget

By Bramesh | February 2, 2019
  • As Discussed in Last Analysis Now as tomorrow being a Budget day and lot of volatility will be seen in market so trade with extreme caution, Bulls will get active above 27360 for a move towards 27496/27622/27754/27840. Bears will get active below 27100 for a move back to 27000/26920/26800/26700/26555. Both Bulls and Bears were able to make money now as we have budget event over, Major Trend for next 1 month will be decided with break of 27533 on upside and break of 26920 on downside, WIll Share my analysis on my Youtube Video in weekend . Bulls need to close above 27200 for a move towards 27300/27450/27555/27656. Bears will get active below 27000 for a move towards 26920/26785/26666.

  • Bank Nifty Feb Future Open Interest Volume is at 14.2 lakh with liquidation of 0.09 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @26934 closed above it Low made on Budget day 26950 and bounced back.
  • 27500 CE is having highest OI @3.6 Lakh resistance at 27600  followed 27800.  26000-28000 CE added 1.5 Lakh in OI so bears added  position  in the zone of 27400-27600.
  • 27000 PE is having highest OI @3.4 Lakh, strong support at 27000 followed by 26900.26000-28000 PE added 0.64 Lakh OI so bulls making strong support in the range of 26900-27000.

Buy above 27125 Tgt 27190,27300 and 27450 (Bank Nifty Spot Levels)

Sell below 26990 Tgt 26920,26840 and 26700 (Bank Nifty Spot Levels)

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