Banknifty Confirm Targets 01 Feb 2023

31 Oca 2023

Banknifty Confirm Targets for Budget day Trading

Banknifty Trading Setup For 01Feb 2023
Weekly Expiry on 02 Feb 2023
India Vix Closing – 16.87


Support Zones
Frist Support Level For For Long Banknifty - 40175 - 40195
Second Support Level For Long Banknifty - 39885 - 39915
Third Support Level For Long Banknifty - 39685 - 39715

Resistance Zones
First Resistance Level For Short Banknifty - 40860 -40890
Second Resistance Level For Short Banknifty - 41057 -41086
Third Resistance Level For Short Banknifty - 41645 -41690


Importent Signal for Banknifty
Max Pain As per Option Chain Analysis – 41000
PCR ratio as per Option Chain Analysis – 0.63 ( Bearish )
Major Support as Per Banknifty Open Interest Analysis – 40000
Major Resistance as Per Banknifty Open Interest Analysis – 41000


Conclusion For Monday and Next week
Yesterday Banknifty taken Support on its Major Support zone ( 39687 – 39885 ) and reverse
For tomorrow Major Resistance zone for Banknifty is ( 41057 – 41086 ) & ( 41645 - 41690 )
Tomorrow Expecting Big Moves and Volatality will be very High due to Budget , so my request to all of you to trade with Hedging
Try To Buy Future Conract or Call Option Near Support Zone and Book Profit At Rsistance Zone
Try to Short Banknifty at every Resistaance and Book Profit Near Support Zone
Adani Group issue is major concern for market for now .