Banknifty Confirm Targets 08 feb 2023

7 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 .