Bank Nifty Technical Analysis before Budget 2016

•  As discussed in last analysis   Now we have Gann support in range of 13600-13500 range where we can see some bounce back. Bank Nifty made low of 13519 near 13500, near the gann arc and today we saw the bounce back but got resisted at the grey trend line. Now as we have budget on Monday Bank Nifty will see wide range 14272 on upside and 13500 on downside needs to be watched, closing above any one of them can see another 500 points move either side.   Impact of the Union Budget on the Indian Stock Market

 

• Bank Nifty March Future Open Interest Volume is at 21.5 lakh with liquidation of 1.9 lakh  with decrease in Cost of Carry suggesting long positions were closed today. Rollover stand at 67.7 % and Rollover price @14115. How To Identify Market Tops and Bottom
  

• 15000 CE is having highest OI @5.5 Lakh strong resistance formation @15000. 13500-15500 CE saw 5.2 lakh addition as bank nifty closed below 14000 .
  

• 13500 PE is having highest OI @3.3 Lakh, strong support at 13500 followed by 13000, Bears added aggressively in 13000/13500 PE.13000-15500 PE saw 1.4 lakh addition. Range for March Series comes @ 13000-15500.
  

• Bank Nifty Futures Trend Deciding level is 13970 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 13802 .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 

Buy above 13950 Tgt 14050,14216 and 14371 (Bank Nifty Spot Levels)

Sell below 13750 Tgt 13630,13460 and 13333 (Bank Nifty Spot Levels)

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