Bank Nifty has been outperforming to the Nifty index and during the Budget day it turned sharply from its crucial support of 31,313 zones. It formed a Spinning Top kind of Candle on daily as well as on weekly scale but managed to hold its support and gains near its life time high territory which implies that buying interest is seen on declines but follow up is missing at higher levels.
Now, it has to continue to hold above 31,313 zones to extend its gains towards 31,780 then 32,000 zones while on the downside supports are seen at 31,150 then 31,000 levels.
Inshort, BankNifty's trend on Monday depends on it's movement in the early trading hours. Opening of Bank Nifty on Monday below today's closing may lead to profir in Put optons of BankNifty.