NIFTY AND BANK NIFTY ANALYSIS FOR 01 FEB 2023

31 Jan 2023. 2200 Hrs.
1. Tomorrow is Budget session.
2. Any Analysis of US and Europe will not matter.
3. India VIX is high @16.3 But is down 4.71%.
4. Bank Nifty has closed firmly above 40500. Nifty has closed near to 17700.
5. Bank Nifty has sp at 40600 and Nifty has Sp at 17650.
6. HDFC Bank has closed above 1600 again. ICICI Bank has Sp at 825.
7. Reliance has strong Sp at 2335.
Trading Plan.
1. After the Budget session, if bank nifty firmly trades above 40800, HDFc Bank trades above 1610 and ICICI Bank trades above 830, then 41000 Call can be bought . Tgt of 41200.
2. Similarly if Nifty trades above 17750 and Reliance trades above 2370, then a tgt of 17900 can be seen.
3. Conservative traders can abstain from trading for tomorrow.
4. If Bank Nifty trades below 40200, then 40000 PE can be bought. If Nifty trades below 17500, then 17200 PE can be bought.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION TO ENHANCE THE DECISION MAKING PROCESS.