Bank Nifty EOD Analysis for 08 Nov

By | November 7, 2019
  • As discussed in Last Analysis  Now Bull need to move 30700 for the move continue towards 30960/31104/31392. Bears will get active 30400 for a move back to 30240/30000. Bank Nifty opened with a gap but unable to close above 30700 and 30400 suggesting tight fight between bulls and bears. Plan remains the same Bull need to move 30700 for the move continue towards 30960/31104/31392. Bears will get active 30400 for a move back to 30240/30000

  • Bank Nifty Nov Future Open Interest Volume is at 14.1 lakh with addition of 0.83 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @29919  closed above it.
  • 31000 CE is having highest OI @3.1 Lakh resistance at 31000  followed 31200.30000-32000 CE added 11 Lakh in OI so bears added position in the zone of 31000-31300.
  • 30000 PE is having highest OI @2.8 Lakh, strong support at 30500 followed by 30300.30000-31000 PE added 5.6 Lakh OI so bulls making support in the range of 30300-30000.

Buy above 30700 Tgt 30810,30999 and  31126 (Bank Nifty Spot Levels)

Sell below 30450 Tgt 30280,30100 and 29920 (Bank Nifty Spot Levels)

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