BANKNIFTY levels, RBI likely to Announce Repo Rate tomorrow

Oct 7, 2021

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



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have a nice day 😊