Banknifty Confirm Targets 08 feb 2023

Banknifty key support and Resistance for Intraday trading 06 feb 2023


Banknifty Trading Setup For 07 Feb 2023
Weekly Expiry on 09 Feb 2023
India Vix Closing – 14.12

Support Zones
Frist Support Level For For Long Banknifty - 41057 - 41086
Second Support Level For Long Banknifty - 40760 - 40800
Third Support Level For Long Banknifty - 40105 - 40150

Resistance Zones
First Resistance Level For Short Banknifty - 41645 -41690
Second Resistance Level For Short Banknifty - 41920 -41970
Third Resistance Level For Short Banknifty - 42675 -42700

Importent Signal for Banknifty Trading from Option Chain Data Analysis
Max Pain As per Option Chain Analysis – 41500
PCR ratio as per Option Chain Analysis – 0.96 ( Bearish )
Major Support as Per Banknifty Open Interest Analysis – 41000
Major Resistance as Per Banknifty Open Interest Analysis – 42000

Conlusion -
Bankifty is now in consolidation zone , not crossing Major Support or Support Resistance
Try to buy near Support Zone and Try to Short near resistance with small stoploss .