Bank Nifty Budget Day Analysis

  • We were not able to discuss analysis yesterday,Apologies for that. Bank Nifty has formed doji on day before budget Bulls need to move above 31610 for a move towards life high of  31784/31964/32054. Bears will get active below 31490 for a move back to 31338/31250/31015. Trade cautiously as we will see wild and volatile swings.

  • Bank Nifty July Future Open Interest Volume is at 18.5 lakh with addition of 1.17 Lakh, with increase in Cost of Carry suggesting short  positions were added today. Bank nifty Rollover cost @31207 closed above it. Low made on Friday 31207 and big rally today
  • 32000 CE is having highest OI @1.46 Lakh resistance at 31500  followed 32000. 30000-32000 CE added 0.16 Lakh in OI so bears added position in the zone of 31000-31500.
  • 30000 PE is having highest OI @1.67 Lakh, strong support at 30500 followed by 30300.30000-32000 PE added 0.78 Lakh OI so bulls making strong support in the range of 30800-30500.

Buy above 31536 Tgt 31680,31824 and  31968,32112 (Bank Nifty Spot Levels)

Sell below 31390 Tgt 31248,31104 and 30960,30816 (Bank Nifty Spot Levels)

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