1st things, yesterday the bank nifty has showed a power
of Bull which like a Jallikattu where the bull strips tamer
of his shorts and breaks the record in the market.
Bank Nifty opened at 30976.35 and breaks the previous day high ( Pivot Resistance) and move ahead and touched the
all time high of 33305.30 and ended at 33089.05
The bank nifty has broken all the top 4 resistance touched the record high due to the Budget.
As per our previous day analysis, the volatility of the market
is high and the bank nifty has been touched with 8.5% of the
previous low.
The Bank Nifty was traded around 2800 points from the intraday low.
What will happen today 02Feb21?
We expect the CPR will be widen.
CPR:32105.90 & 32761.35
PR: 32433.60
CPR will be Bearish Bias.
Support and Resistance:
R1 33,960.75 S1 31,561.90
R2 34,832.45 S2 30,034.75
R3 37,231.30 S3 27,635.90
Overview:
Case 1: If the Script goes pass the below the CPR go for Short.
Target - 31700
or
Case 2: If the Script goes above the today High (All time High) then go for Long.
Target - 33950.
Impression: Range Bound in Nifty Today
Disclaimer: Kindly do your own analysis before executing this trade. I am not a SEBI Registered Analyst.
of Bull which like a Jallikattu where the bull strips tamer
of his shorts and breaks the record in the market.
Bank Nifty opened at 30976.35 and breaks the previous day high ( Pivot Resistance) and move ahead and touched the
all time high of 33305.30 and ended at 33089.05
The bank nifty has broken all the top 4 resistance touched the record high due to the Budget.
As per our previous day analysis, the volatility of the market
is high and the bank nifty has been touched with 8.5% of the
previous low.
The Bank Nifty was traded around 2800 points from the intraday low.
What will happen today 02Feb21?
We expect the CPR will be widen.
CPR:32105.90 & 32761.35
PR: 32433.60
CPR will be Bearish Bias.
Support and Resistance:
R1 33,960.75 S1 31,561.90
R2 34,832.45 S2 30,034.75
R3 37,231.30 S3 27,635.90
Overview:
Case 1: If the Script goes pass the below the CPR go for Short.
Target - 31700
or
Case 2: If the Script goes above the today High (All time High) then go for Long.
Target - 33950.
Impression: Range Bound in Nifty Today
Disclaimer: Kindly do your own analysis before executing this trade. I am not a SEBI Registered Analyst.