05 Jan 23 Weekly Expiry:Bank Nifty Back to Gann Angle Support

By | January 4, 2023 11:14 pm

We have seen a trending move in bank nifty, Price is back to Mercury Retrograde High and an close above 43500 can lead to move towards 44000.

Tommrow SUN Trine Uranus is very important for World Indices, and Bank Nifty price is back to gann angle support and Bank Nifty has formed an Outside Bar Pattern so we can see sharp reversal. First 15 mins High and Low will guide for Intraday.


For Swing Traders Bulls need to move above 43160 for a move towards 43369/43593/43803/44014. Bears will get active below 42950 for a move towards 42751/42540/42330.

Intraday time for reversal can be at 9:20/10:02/11:45/12:12/2:03/2:46 How to Find and Trade Intraday Reversal Times

Bank Nifty Jan Future Open Interest Volume is at 23.4 lakh with addition of 0.51  Lakh contract , with decrease in Cost of Carry suggesting Long positions were added today.

Bank Nifty Rollover cost @42890 and Rollover % @80.4 Closed above it,

Bank Nifty Bulls now need to hold  42857 for move towards 43152/43500/44000.


Bank Nifty as per musical octave trading path can be  42996-43416-43829 take the side and ride the move !!

Maximum Call open interest of 35 lakh contracts was seen at 43500 strike, which will act as a crucial resistance level and Maximum PUT open interest of 35 Lakh contracts was seen at 43000 strike, which will act as a crucial Support level.

MAX Pain is at 43000 and PCR @0.85 . Markets tend be range-bound when PCR OI (Open Interest) ranges between 0.90 and 1.05. 

The market works on probability as it is a confluence of all trader activity. So when the probability is tilted on one side, you will see action on that side. When there is pressure on the opposite side, the movement happens accordingly.

For Positional Traders Trend Change Level is 43311 on Futures 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 43299 will act as a Intraday Trend Change Level.

Intraday Trading Levels

Buy Above 43045 Tgt 43131, 43218 and 43400 (Bank Nifty Spot Levels)

Sell Below 42840 Tgt 42685 , 42412  and 42225 (Bank Nifty Spot Levels)

Upper End of Expiry : 43495

Lower End of Expiry : 42776

As always I wish you maximum health and trading success

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