This is an update of our article Weekly WrapUp – Bank Nifty recovered sharply after 2 weeks bear fall, BankNifty on Monday showed first sign of stoppage of current up momentum by giving a bearish outside reversal bar (Or Bearish Engulfing Pattern).
Refer Chart – I
Chart – I, BankNifty Futures EOD
Our analysis goes on well with the move of the market where market faces resistance at 19610 & started it down move till 19326 and consolidated within the range of 19326 to 19500 and falls further in the later trading day till 19211 to settle at 19272.8.
Refer Chart – II
Chart – II, BankNifty Intraday Feb 16th, 2015
On Mondays trading day, BankNifty was dragged most by fall in YesBank which topped out on Friday and fall 2.3% on Monday.
Refer Chart – III
Chart – III, Yesbank EOD
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Markets were closed today on account of Maha shivaratri.
For the coming trading days, we can continue with our earlier analysis that BankNifty can move with the negative bias and consolidate in the big range 19600 to 18750 (18800) to prepare for the major event due next week (Budget).
Important Event – Budget in Next Week on Saturday (28th Feb 2015)
It is still unclear whether market will remain open for trading on the budget day. If market didn’t open for special session, then this would be the first time in two decades that markets will remain closed on the day of budget.
In the past, markets have remained open on three occasions when the Budget was presented on a Saturday — former finance minister Manmohan Singh had presented his budgets on February 29,1992 and February 27,1993, while Yashwant Sinha had presented it on February 27,1999.
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