Bank Nifty Technical setup for Budget day

  • As Discussed in Last Analysis Now Till we are above 26750 Bulls have upperhand and can push bank nifty towards 27045/27225. 27000 is our vedic number and any close above it can easily see rally of 350-500 points. Bank Nifty did all target on upside and also rallied 325 points above 27000 and 500 points above time cycle high of 26743. 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
  • Bank Nifty Feb Future Open Interest Volume is at 14.2 lakh with addition of 5.6 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @26934 closed above it and Rollover at 75.6 %

Buy above 27300 Tgt 27420,27600 and 27883 (Bank Nifty Spot Levels)

Sell below 27150 Tgt 27050,26920 and 26750 (Bank Nifty Spot Levels)

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