Bank Nifty Analysis Post Union Budget 2023

By | February 1, 2023 8:56 pm

As Discussed in Last Analysis  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.

It was a massive day of volatlity as shown in below chart Range for the day was 2533 points We had a strong upmove from 41200-42000 and downmove from 42000 to 39400, and formed a Massive Outside bar pattern. On Daily time frame bank nifty is down just 142 points but intraday traders would had a crazy ride.

Bank Nifty for 4 day has closed below its 100 DMA and now lot Depends on Adani Share movement, The fall seen in Adani group is massive and to me looks like a staged fall as Adani holds 75%+ shares so they can bring prices down for instiutions to avg at lower prices who have subcribed to FPO and we can see again a strong and sharp bounceback in Adani stocks.


If you are trading, leave the news out. That is for the “fundamentals-following guys”. For a trader, prices alone matters and your actions should be based on that alone. As a true trader, keep your losses to a minimum by acting at the right moment.

Intraday time for reversal can be at  9:29/10:32/12:12/1:42/2:25 How to Find and Trade Intraday Reversal Times

Bank Nifty Feb Future Open Interest Volume is at 23.7 lakh with addition of 2.89 Lakh contract , with increase in Cost of Carry suggesting Long  positions were closed today.

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

Bank Nifty Bulls now need to move above 40973 for trend to change


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

MAX Pain is at 41000 and PCR @0.98 . 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 41124 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 41269 will act as a Intraday Trend Change Level.

Intraday Trading Levels

Buy Above 40682 Tgt 40881, 41080 and 41225 (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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