TRADE SET-UP: The Dow Jones (DJIA) is showing strength, which generally supports Indian heavyweights like Reliance and Banking stocks. However, the Nasdaq’s weakness remains a concern for the IT sector, and Indian IT stocks may drag on Nifty’s upside today.
Overall, this sets up a mixed global backdrop—supportive for Banks, cautious for IT.
Options Data Analysis:
• Heavy Call writing is visible at the 26000 strike, making it a strong ceiling for the day
• On the downside, Put writing at 25700 and 25600 provides a reasonable cushion
• Bank Nifty continues to show relative strength versus Nifty, holding firmly above the 60000 psychological level
As long as Bank Nifty sustains above this zone, bulls remain in control.
NIFTY BANK NIFTY RANGE FOR 05.02.2026
Key intraday trading levels based on options positioning.
NIFTY
• Base: 25685 / 25570 / 25430
• Breakout: 25865
• Resistance: 25985 / 26100
BANK NIFTY
• Base: 59880 / 59500 / 59270
• Breakout: 60465
• Resistance: 60775 / 61050
BANK NIFTY VIEW:
• Bank Nifty is the relative leader today
• Holding above 60000 is a major psychological positive
• If price sustains above 60465, a fast move towards 60800–61000 is possible
STRATEGY:
• Stay cautious while Nifty trades below 25865
• Dips towards 25700 may act as a Buy-on-Dips zone with strict risk management
• Keep position size light due to Nasdaq-led IT volatility
• Expect IT vs Banks divergence during the session
DISCLAIMER: We are not a SEBI-registered Research Analyst or Investment Advisor.
You are solely responsible for your trading decisions. Always perform your own due diligence or consult a certified financial planner before executing any trade.