Bank Nifty technical setup for Budget day

• As Discussed in Last Analysis  Bank Nifty opened with gap down below 27485 was bearish level of 25400 was triggered and did our 1 target. Below 27250 we can fall towards 27151/27000. Bullish above 27485 for a move towards 27652/27777/28000.As we have monthly closing tommrow bulls would like to close above 27300. Bank Nifty did the lower side target in gap down so were able to capture the clear move from 27400-27151, Also we closed above the time cycle low of 27151 today and also closed above 27300 on monthly closing. As we have budget tommrow with loads of volatility.I have mentioned the intraday levels use them for trading. Bulls need a close above 27000 for the uptrend to continue,Below 27000 we can see quick fall towards 26780/26570. Bullish above 27455 for a move towards 27777/28000. Important intraday time for reversal can be at 11/12:30/2:45   What not to do on Budget Day Trading

 

 

• Bank Nifty Feb Future Open Interest Volume is at 20.8 lakh with liquidation of 0.81 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @27248, closed above it
  

• 28000 CE is having highest OI @4.3 Lakh resistance at 28000 followed 28500.27000-29000 CE added 2 lakh in OI so bears added at higher levels.

• 27000 PE is having highest OI @4.8 Lakh, strong support at 27200 followed by 27000.26000-29000 PE  added 0.6 lakh in OI still strong support at 27000-27100 .

 

• Bank Nifty Futures Trend Deciding level is 27388 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 27422.  How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 

Buy above 27455 Tgt 27600,27779 and 28139 (Bank Nifty Spot Levels)

Sell below 27300 Tgt 27090,26840 and 26570 (Bank Nifty Spot Levels)