Bank Nifty Fut(BNF) is a clear under performer this month and continuously putting stress on the overall market as some of its key components are under some type of stress. Also there will be around 4725 Cr. outgo from the PSU banks as a result of yesterday's wage agreement, but the proposed 4 day strike ahead of budget is averted.
Looking at the chart, technically BNF (LTP:18844) has positional support now around 18764-18680 zone and sustain below that, it may fall up to 18292-18051 zone (Pre-budget ??).
As it may be technically oversold in the last hour yesterday, BUY ON DIPS strategy may work ahead of budget & rate cut hopes (provided LS & RS functions smoothly), keeping in mind the above support level of around 18700-18650.
BNF will face resistance on the up side around 19300-19614 and sustain above that we may see 19926-20935 zone again.
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