Welcome to BANKNIFTY Futures and options and optionchain data analysis for friday... 🛑 RBI will likely to announce Repo and interest Repo rates tomorrow morning at 10AM, due this major event volatility will likely toincreases,
◽ Right now every traders eye is on RBI
◽ Banknifty weekly pivot is at 37500
◽And monthly pivot is at 37300,
🛑 if we see day frame chart of BANKNIFTY currnetly trading above 21Day , 50 Day , 100 Day moving averages
🎯 Key levels to watch out for day trader
🛑 Major resistance zone for BankNifty is at 38050-38100 ( if see the option chain data on call 38000 CE strike holding more number for short position which will act as strong resistance area to bank Nifty )
◽ If market breakout resistance then we can see Target of 38300
◽ Whenever until breakout that resistance level don't trade
◽ Stop loss will be 37950
◽If gap down or slight gap up happens then 37900 will be resistance zone
🛑 Major support level for BankNifty
◽ Support level for nifty lies at 37550-37460
◽ Whenever until breakdown this level don't take a trade
◽ if Market successfully breakdown this level then we can take a trade
◽ And we can see the Target 1 will be 37300
◽STOP loss will be 37550
🛑levels for banknifty futures will be also same
◽Go long on banknifty Futures if it breakout the resistance ie . 38050-38100
◽ Don't short the market until below the 37500
Don't take a trade if market open above or below our levels bcz market don't like gaps let the market to consolidate first and then take a trade
bro.. tomorrow is an narrow cpr on banknifty... so what is an prediction on it bro?
agasthya_d
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@dhanavasanthakumar open may be flat brother , RBI will announce Repo n Reverse Repo rate keep an eye on that , after the results banknifty will be volatile on the side of results , so we have to wait for the announcement after that we can take trade
dhanavasanthakumar
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@agasthya_d tomorrow after 10 please guide me .bro ...which side can we go??🙄🙄
agasthya_d
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@dhanavasanthakumar RBI will announce interest rate tomorrow , and there is news that RBI likely to maintain same interest rate ◽ if RBI maintains same interest rate then market will boom towards upside
◽ if they increase the interest rate then market will get affected by it and banknifty may test the 37300-37200 levels
@agasthya_d bro...rbi news when bro 10 or 12? i'm still waiting... for entry
agasthya_d
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@dhanavasanthakumar news is out brother no changes in rates , you can checkout in rbi offical website or moneycontrol .com ◽ by the way news is positive and wait for the breakout of 38100