Bank Nifty Analysis for 06 Feb

By | February 4, 2023 8:11 pm

As Discussed in Last Analysis   Bank Nifty did not break the budget day low and closed above the budget day close of 40513. Till we are above 40500-40513 Bulls will have upper hand towards 40888/41225.  Low made was 40609 so bulls were able to hold 40513 and we saw a big rally in Bank Nifty.  Now “Bayer Rule 2: Trend goes down within 3 days when the speed difference between Mars and Mercury is 59 minutes. Leads to Big Move ” we are moving into crucial range of 41622-41860 which bulls need to cross for the rally to continue towards 42225/42500.


Intraday time for reversal can be at  9:54/11:09/12:59/1:29/2:28 How to Find and Trade Intraday Reversal Times

Bank Nifty Feb Future Open Interest Volume is at 22.7 lakh with liquidation  of 2 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 hold  41061 for trend to remain buy on dips.


Bank Nifty as per musical octave trading path can be  40853-41666-42075  take the side and ride the move !!

Maximum Call open interest of 20 lakh contracts was seen at 42000 strike, which will act as a crucial resistance level and Maximum PUT open interest of 17 Lakh contracts was seen at 1000 strike, which will act as a crucial Support level.

MAX Pain is at 42000 and PCR @0.99. Markets tend be range-bound when PCR OI (Open Interest) ranges between 0.90 and 1.05. 

One of the reason why beginners trader blow up their trading account and have to leave trading forever is that they are extremely undercapitalized. They are forced out due to market noise

For Positional Traders Trend Change Level is 41072  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 41265 will act as a Intraday Trend Change Level.

Intraday Trading Levels

Buy Above 41500 Tgt 41666 , 41823 and 42000 (Bank Nifty Spot Levels)

Sell Below 41350 Tgt 41216, 41074 and 40893 (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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