As discussed in Last AnalysisWe have formed a Bearish ABCD Pattern with PRZ zone around 31551, so any long should keep SL of 31205 and book out around 31551. Fresh Long should be taken above 31575 for a move back to 31783. Bears will get active below 30200 for a move back to 31077/30950. As Mercury Turns Direct today so we should see good move in Bank Nifty in next 2 days,Fresh Long should be taken above 31575 for a move back to 31783. Bears will get active below 30200 for a move back to 31077/30950.
Bank Nifty Nov Future Open Interest Volume is at 17.9 lakh with liquidation of 0.46 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 @2.6 Lakh resistance at 31500 followed 31800.30000-32000 CE added 6.8 Lakh in OI so bears added position in the zone of 31500-31700.
30500 PE is having highest OI @4.2 Lakh, strong support at 30800 followed by 30500.30000-32000 PE added 7.5 Lakh OI so bulls making support in the range of 30800-31000.