Technically on the daily charts we have seen impluse move in wave 1, major support in Wave 2 on the downside comes @ 78% Retracement @ 37868. 61% Retracement @ 37091 and 50% Retracement @ 36545, whereas minor resistance on the upside is capped around 38300 level.
Closing above 38300 on upside we are heading towards 40116, 40644 and 41717 in potential wave 3.
Below 36545 only Market look Weak for now.
Scenario for Budget week : Fast moves are seen before the budget week on opposite side and once budget is announced or few days before we see the uptrend resume.
How to Trade before budget week: Look for supports level mentioned above to hold and then Buy with proper risk managment and SL.
I dont know how to trade @ supports ?? : We will be updating live trade in comment section below for education and Learning Purpose till budget.
Happy Trading,
For Learning and Educational Purpose Only. Do your own risk managment before trading.
Regards, MD.
Trade active
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Buy Banknifty Fut jan fut @ 3pm on 19jan
Comment
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Bought Banknifty Fut @ 38153
Banknifty Option Pair Trade Bought 38000ce @ 576 and sold 38500ce @ 332 ( same quantity 27jan expiry)