Union Budget 2023 : Bank Nifty Analysis

By | January 31, 2023 11:33 pm

As Discussed in Last Analysis On 28 Jan we had Bayer Rule 27: Big tops and big major bottoms are when Mercury’s speed in Geocentric longitude is 59 minutes or 1 degree 58 minutes., So till 29 Jan Low 39419 we are heading upside. Watch for 3 PM candel tommrow for a SPIKE in Price. We have monthly close tommorow and Bank Nifty 40700-40758 zone.

As disucssed in below video we have seen many top and bottom formation 1-2 days before and after budget. We are seeing few similarity in 2021 and 2023 chart pattern, If Bank Nifty sustains above 40811 we can see a move of 555/729/1008 points.

Union Budget 2023: How Bank Nifty moved Past 19 Budget



Plan for Bank Nifty Union Budget 2023 based on Ratio Indicator 

Long above 40809 for a move towards 41371/42124/42782/43302 

Short Below 39399 for a move towards 38837/38084/37426

Intraday time for reversal can be at  9:41/10:19/11:04/12:16/1:06/2:46 How to Find and Trade Intraday Reversal Times

Bank Nifty Feb Future Open Interest Volume is at 26.6 lakh with addition of 0.29 Lakh contract , with increase in Cost of Carry suggesting Long  positions were added today.

Bank Nifty Rollover cost @42742  and Rollover % @77  Closed below it,

Bank Nifty Bulls now need to move above 41157


Bank Nifty as per musical octave trading path can be  40450-40853-41666 take the side and ride the move !!

Maximum Call open interest of 17 lakh contracts was seen at 41000 strike, which will act as a crucial resistance level and Maximum PUT open interest of 18 Lakh contracts was seen at 40000 strike, which will act as a crucial Support level.

MAX Pain is at 40900 and PCR @0.92 . Markets tend be range-bound when PCR OI (Open Interest) ranges between 0.90 and 1.05. 

 No amount of study or practice can make one successful in the handling of capital if one really is not cut out for it.

For Positional Traders Trend Change Level is 41088 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 40838 will act as a Intraday Trend Change Level.

Intraday Trading Levels

Buy Above 40811 Tgt 40932, 41188 and 41565 (Bank Nifty Spot Levels)

Sell Below 40489 Tgt 40277, 40008 and 39729 (Bank Nifty Spot Levels)

As always I wish you maximum health and trading success

Category: Bank Nifty

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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