Bank Nifty Pre Budget Analysis

As discussed in Last Analysis Now Bears need to break 29952 for a move back to 29808/29664/29520. Bulls above 30096 can rally abck to 30240/30384/30538. It was a wild expiry and level helped us in capturing both upside and downside move, Now we have Jupiter conjuction happening tommrow suggesting another big move will be seen. Jupiter is ruling plannet for bank nifty so tommrow high and low will be important for budget day trading. Bears need to break 30075 for a move back to 29875/29664/29520/29393. Bulls above 30470 can rally abck to 30610/30800/30946. Today High of 30470 is crucial as its upper end of gann channel unable to cross that we will revisit the low formed today.

Intraday time for reversal can be at 9:30/12:11/1:01/1:55/2:20 How to Find and Trade Intraday Reversal Times

Bank Nifty Feb Future Open Interest Volume is at 17.2 lakh with addition of 6.3 Lakh, with increase in Cost of Carry suggesting SHORT positions were added today. Bank nifty Rollover cost @30980 closed below it.

30500 CE is having highest OI @6.2 Lakh resistance at 30500 followed 30800.30000-32000 CE added 8.3 Lakh in OI so bears added position in the zone of 30500-30800.

30000 PE is having highest OI @6.2 Lakh, strong support at 30000 followed by 29500 .29000-31000 PE added 1.2 Lakh OI so bulls making support in the range of 29500-29800.

Bank Nifty Futures Trend Deciding level is 30095 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 30095 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .

Buy Above 30470 Tgt 30610,30786 and 30952 (Bank Nifty Spot Levels)