07th Aug 2020 #BankniftyFuture Intraday Levels

BankniftyFuture last close: 21641.95 (+0.4%)

What a volatility on Thursday trade!!

RBI has decided to keep the Repo Rate Unchanged at 4% and gave some positive commentary which is deep rate cuts have also ensured faster transmission of the policy rates into the actual lending by banks. Helping the economy.

At present the overall excess liquidity is at over Rs 5 lakh crore

Yesterday sent selling alert and booked profit around 250 points

BNF was sustains 21500-21600 before the policy then after the policy BNF spiked up to 21969 then slipped up to 21500. Finally settled at 21641

Private banks was seen in green zone Icicibank gained 1.85%, Hdfcbank climbed 1.30% and Kotakbank up 0.5%

SBIN and Axisbank at marginal loss

Today BankniftyFuture is facing a 21750, 21830 and 22000

Seems a strong resistance around 22000 (Day before yesterday’s high)

Once if breaks and manages above 22000 will see further rally up to 22240

Stay caution at higher levels until the resistance zone.

Today BNF can be considering a supports 21530, 21450 and 21300

Below 21300…….. Further weakness expected up to 21000

More live market update will be sent to my clients only

Updated: 08.33 am / 07th Aug 2020