03 Feb Weekly F&O Expiry : BANK Nifty Analysis

By | February 3, 2022 12:48 am
  • As Discussed In Last Analysis BANK Nifty closed at 38225 suggesting rally can continue towards 38501/38786/39071/39304. Bears will have chance only below 38500 for a move towards 38225/38000. Bank NIfty is approaching the higher end of gann angle, Range of 39378-39400 is crucial zone, Once trading above it rally can continue towards 39777/40150. Bears will have chance below 39156 for a move towards 38926/38729/38522.


  • Bank Nifty Feb Future Open Interest Volume is at 21 lakh with liquiadation of 0.5 Lakh contract , with decrease in Cost of Carry suggesting  LONG positions were closed today.
  • MAX Pain is at 39100 and PCR @0.94 Rollover cost @37516 closed above it. 
  • The Option Table data indicates decent support at 39000 and reasonable resistance at 39500 .There is total OI of 4.08 Cores on the Call side and 5.63 Cores on the Put side, So, the activity is more on the PUT side, indicating option writers are  in BULLISH zone.
  • As per Gann, Till we ar above Budget day High of 38802 bulls have upper hand, 39378 is Gann Circle level closing above it rally towards 39776/40176.
  • We are seeing good outperformance from Bank nifty led by PSU’s Bank.On the weekly chart the index has formed a “Doji” candlestick formation indicating indecisiveness amongst market participants regarding the direction. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating positive bias.Bank Nifty is trading above 20, 50, and 100 day SMAs which are important short term moving averages, indicating positive bias in the short to medium term.
  • For Positional Traders Trend Change Level is 38387 on Futures and go long and short above/below it That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 39239 will act as a Intraday Trend Change Level. 

Buy Above 39400 Tgt 39560, 39714 and 39888 (Bank Nifty Spot Levels)

Sell Below 38243 Tgt 38156, 38069 and 38946 (Bank Nifty Spot Levels)

Upper End of Expiry : 39714

Lower End of Expiry : 38946 

As always I wish you maximum health and trading success

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