Bank Nifty Analysis as Mercury Turns Retrograde

  • As discussed in Last Analysis   Bulls need to break 30200 for the upmove to continue towards 30450/30666. Bears have there chance below 30800 for a move back to 30555/30350. High made was 30203 and low 30901 so we did not break high and low, as we have Mercury Retrograde after 1 Year we should see a good move in market in next 2 days.Bulls need to break 31050 for the upmove to continue towards 31200/31450/31666. Bears have there chance below 30850 for a move back to 30730/30555/30350

  • Bank Nifty Nov Future Open Interest Volume is at 17.9 lakh with liquidation of 0.810 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @29919  closed above it.
  • 31500 CE is having highest OI @5 Lakh resistance at 31300  followed 31500.30000-32000 CE added 10 Lakh in OI so bears added position in the zone of 31300-31500.
  • 30500 PE is having highest OI @7 Lakh, strong support at 30500 followed by 30300.30000-32000 PE added 11 Lakh OI so bulls making support in the range of 30500-30300.

Buy above 31050 Tgt 31150,31310 and  31450 (Bank Nifty Spot Levels)

Sell below 30950 Tgt 30860,30700 and 30550 (Bank Nifty Spot Levels)

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