Bank Nifty EOD Analysis for 06 Nov

  • As discussed in Last Analysis   Plan remains the same Bulls need a close above 30420 for a move back to 30636/30800/31000. Bears need a close below 30200 for a move back to 30050/29900. Bank Nifty closed below 30200 and waiting for target of 30050/29900/29700. Bulls will get active above 30300 for a move back to 30420/30600.

  • Bank Nifty Nov Future Open Interest Volume is at 11.2 lakh with addition of 0.60 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @29919  closed above it.
  • 30500 CE is having highest OI @3 Lakh resistance at 30500  followed 31000.28000-31000 CE added 1.2 Lakh in OI so bears added position in the zone of 30500-30800.
  • 29500 PE is having highest OI @3.4 Lakh, strong support at 30000 followed by 29800.27000-30000 PE added 1 Lakh OI so bulls making support in the range of 29800-30000.

Buy above 30260 Tgt 30400,30555 and  30700 (Bank Nifty Spot Levels)

Sell below 30100 Tgt 30000,29890 and 29700 (Bank Nifty Spot Levels)

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