Budget move in Banknifty (01/02/24).
Banknifty has given a nice up move in the first half and consolidated on the expiry for the rest day.
It is facing rejection from a trend line and a resistance zone of 46150. If there is a break out after a flat or gap down opening, it can test the round number figure quickly.
In case of a gap up opening, let market retest the break out levels or form a price action near the zone. Then only trade should be initiated as the option premiums will remain high.
Tomorrow is budget which will create more volatility in the markets. India VIX is trading above 16.
Major Resistance levels :- 46150, 46500, 46920
The market may both side as the previous budget made it move 2500 from high to low.
Today's consolidation near the high shows some positivity in the market.
Support levels :- 45950, 45490-550
Option premiums will move quickly so keep the target and stop losses strict.
Wait for the price action near the levels before entering the market.
It is facing rejection from a trend line and a resistance zone of 46150. If there is a break out after a flat or gap down opening, it can test the round number figure quickly.
In case of a gap up opening, let market retest the break out levels or form a price action near the zone. Then only trade should be initiated as the option premiums will remain high.
Tomorrow is budget which will create more volatility in the markets. India VIX is trading above 16.
Major Resistance levels :- 46150, 46500, 46920
The market may both side as the previous budget made it move 2500 from high to low.
Today's consolidation near the high shows some positivity in the market.
Support levels :- 45950, 45490-550
Option premiums will move quickly so keep the target and stop losses strict.
Wait for the price action near the levels before entering the market.
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