Nifty Intraday Trading Support & Resistance levels for(06-02-23)

NIFTY

Hey traders this is Nifty Chart Analysis for 06 feb 23 let's see how the events are unfolding for nifty.

#Option chain - ATM & OTM Puts written and ITM Calls Unwinding - Indication of High Probability bullishness.

#Put Call Ratio form last 3 days as follows.
1st Feb - 0.54
2nd Feb - 0.78
3rd Fed - 1.11
as you can see its increasing sign of bulls strengthening.

1.Channel formation in nifty
2.Closed around channel + TL resistance zone.
3.Bar forecast for a pullback is marked as symmetry to previous retracement.

Setup:- 1. The long setup is only above 17900 for a target of next major resistance of 18000 and if breaks 18000 too then wait for price to sustain, above 18100 for further longs as it can trap many bulls by forming a false breakout.

Setup:- 2. Short setup is below 17700 after channel break of 17725 with a projected target of width of channel 17600 followed by 17500.

Always use stoploss according to your risk capacity.
Please do your own analysis too, idea shared for educational purpose only.

I hope you found this helpful.
Please like and comment.

Keep Learning,
Happy Trading!

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Still valid for further sessions as the market is not breaking range

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Got 30 points move in 17800 PE