Nifty Bank Index
Short

NIFTY AND BANK NIFTY ANALYSIS FOR 02 FEB 2023

128
01 Feb 2023 2035
1. US is consolidating with a negative bias. Fed rate decision may change the bias tomorrow.
2. Europe is consolidating with a positive bias.
3. Asia is consolidating with a positive bias.
4. India VIX has remained high.
5. Bank Nifty has closed negative down 142 points after a gap up of almost 500 points. This indicates bearishness due to sentiment being negative. Same is the case with Nifty where it opened positive but has closed negative.
6. HDFC Bank has closed in positive. Similarly ICICI Bank has also closed positive . But they have come down from the day,s High of 1665 and 875 resply.
7. Reliance has closed below yesterday's close.
Analysis.
1. Bank Nifty has strong resistance between 40650 - 40750.
2. Nifty has resistance @ 17670 -17750.
3. HDFC Bank has res at 1632 and ICICI Bank has 850 - 855 range. HDFC Bank has sp at 1615 - 1620 levels.
4. Reliance has Res at 2350 levels.
5. Nifty has resistance in the 17650 - 17700 range.
6. Bank Nifty has Highest Call OI @ 41000 and Put OI @ 40500.
7. Similarly Nifty has highest call OI @ 17700 and Highest Put OI @ 17600.
Trade Plan
1. I have a negative bias due to frequent disturbing news of one of india's comapny.
2. I will adopt sell on rally strategy.
3. If Bank Nifty consistently trades below 40700 and breaks 40500 decisively, i will buy 39800 put. If Nifty sustain above 40500, then i go long but i will trade light.
4. If Nifty trades below 17600, then i will buy 17600 put. Even if Nifty trades @ 17750 levels, i will go short in nifty.
5. I will abstain from trading long on nifty.

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