BankniftyFuture last close: 33685.20 (-1.5%)
BankniftyFuture was fell more than 3000 points from past consecutive 6 sessions
On yesterday, BNF was opened 34035 and made a high of 34189.90 then slipped to 33413 but did not breaks previous day’s low 33380
Do you know ? Yesterday I did mention in my blog “BNF support around 33400” exactly BNF took bounce-back from my support and closed nearly 33700
Indusindbank, Hdfcbank, Icicibank and Axis bank major dragged stocks in bank index
Option premium is too high on yesterday closing, Like ATM straddle rate was closed at 960, normal days ATM settled below 850 on Monday
BankniftyFuture formed a small bodied bearish candle on a daily scale and index was fell more than 3000 points in last 6 sesssions
Now, BNF can be considered as supports as 33470 and 33300-33250 which was indicated on last two day’s support zone
Close watch 33250-33300, BNF if takes support some relaxation will be expecting
Suppose if not takes support 33250 and if manages below the level, We see further selling pressure up to 32950-32800
On other side, BNF is facing a intraday resistance 33850-33925, If stays above the level, Bulls action will be expected up to 34200 and 34450
But, Stay caution at higher levels!!
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Updated: 08.25 am / 23rd March 2021