Finance Nifty Forms NR7 Pattern, 06 Feb Weekly Expiry Analysis

By | February 6, 2024 1:38 am

As Discussed in Last Analysis

Finance Nifty reacted from the 20816 Gann Level and 20750 Octave Points and was unable to close above its 20/50 SMA, suggesting selling pressure on the higher side. SBI’s numbers came out today, but we are seeing NIM being impacted, similar to HDFC Bank. On Monday, we have Mercury Ingress, which generally leads to a trend change. January 15th was also a Mercury Ingress, and we have seen how Finance Nifty made a short-term top. For intraday trading, watch out for the first 15 minutes high and allow it to capture the trend of the day.

Finance Nifty formed lower low and formed an NR7 pattern, Price has taken support at 100 DMA @ 20293. Break of 20260 can see a fall towards 20110 where gann angle support lies. Merucry Ingress Combined with NR7 pattern is a powerful combo so get ready for a big move in Finance NIfty.

Finance Nifty Trade Plan for Positional Trade ,Bulls will get active above 20458 for a move towards 20555/20666/20755. Bears will get active below 20260 for a move towards 20161/20061/19962.

 Traders may watch out for potential intraday reversals at 09:15,11:34,12:16,01:02,2:42 How to Find and Trade Intraday Reversal Times

Finance Nifty Feb Futures Open Interest Volume stood at 101480 with addition of 23640 contracts. Additionally, the increase in Cost of Carry implies that there was a addition of SHORT  positions today.

Finance Nifty Decline Ratio at 03:16

Finance Nifty Rollover Cost is @20308 closed above it.

Finance Nifty Gann Monthly  Buy Trade level : 20683 and Gann Monthly  Sell Trade level : 20428

Finance Nifty rejected from 50/20 SMA @20754,. Strong support at 20293 at 100 SMA.




Traders who follow the musical octave trading path may find valuable insights in predicting Bank Nifty’s movements. According to this path, Finance Nifty may follow a path of 21182-20587-19992 . This means that traders can take a position and potentially ride the move as Bank Nifty moves through these levels. Of course, it’s important to keep in mind that trading is inherently risky and market movements can be unpredictable.

According to the Finance Nifty options chain, the call side has the highest open interest (OI) at the 20300 strike, followed by the 20400  strike. On the put side, the 20200 strike has the highest OI, followed by the 20100 strike.  This indicates that market participants anticipate Finance  Nifty to stay within the 20100-20400 range. 

The Finance Nifty options chain shows that the maximum pain point is at 20300 and the put-call ratio (PCR) is at 0.95. Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound.

If you want to be a good trader “Be the Best Listener.” Listen To Market, Experienced Traders. If a losing trade sets you off, then this can affect your trades going forward. And this is dangerous. We call this trading on “tilt.”

For Positional Traders, The Finance Nifty Futures’ Trend Change Level is At 20516. Going Long Or Short Above Or Below This Level Can Help Them Stay On The Same Side As Institutions, With A Higher Risk-reward Ratio. Intraday Traders Can Keep An Eye On 20315, Which Acts As An Intraday Trend Change Level.

Finance Nifty Expiry Range

Upper End of Expiry : 20481

Lower End of Expiry : 20148

Finance  Nifty Intraday Trading Levels

Buy Above 20330  Tgt 20360, 20399 and 20424 ( Finance Nifty Spot Levels)

Sell Below 20300 Tgt 20260, 20231 and 20200 ( Finance Nifty Spot Levels)

Wishing you good health and trading success as always.As always, prioritize your health and trade with caution.

As always, it’s essential to closely monitor market movements and make informed decisions based on a well-thought-out trading plan and risk management strategy. Market conditions can change rapidly, and it’s crucial to be adaptable and cautious in your approach.

Category: Finance NIfty Daily Analysis

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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