Bank Nifty Technical Analysis before Budget 2017

  • As discussed in Last Analysis Bulls need close above 19800 for move towards 20200/20500. Bears below 19360 for move towards 19140/18920. High made was 19624 and low was 19435 so bank nifty continued to trade in range also made low near the green arc as shown in below chart. As we have budget today expect range of least 600-900 points, On downside 19000 strong support below that 18622 can see quickly on Upside we can move towards 20300/20500 on move above 19800.  Do’s and Don’t For Trading on a Budget Day

  • Bank Nifty Feb Future Open Interest Volume is at 19.6 lakh with liquidation of 1.15 lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @19080.
  • 20000 CE is having highest OI @5.6 Lakh resistance at 20000. 19000-21000 CE saw addition of 2.9 lakh in OI so bears added in 20500/21000.
  • 19000 PE is having highest OI @ 4.6 Lakh, strong support at 19000 followed by 18500, Bulls added 0.91 Lakh in OI in range of 19000-21000 PE massive addition by bulls suggesting 18500 can become support for the series.

Buy above 19650 Tgt 19820,20200 and 20476 (Bank Nifty Spot Levels)

Sell below 19500 Tgt 19330,19000 and 18622(Bank Nifty Spot Levels)

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