Bank Nifty Ready for a big move

  • As discussed in Last Analysis   31 Oct was Mercury Ingress so high and low of 31 Oct very important break of 30415 on upside and break below 29987 can lead to 300-400 points move in bank Nifty. Bank Nifty formed an Inside Bar candle along with time cycle date suggesting big move round the corner. 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 Nov Future Open Interest Volume is at 7.8 lakh with addition of 1.7 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 @2.67 Lakh resistance at 30500  followed 31000.28000-31000 CE added 0.24 Lakh in OI so bears added position in the zone of 30500-30800.
  • 29500 PE is having highest OI @3.3 Lakh, strong support at 29500 followed by 29300.27000-30000 PE added 1 Lakh OI so bulls making support in the range of 29800-30000.

Buy above 30420 Tgt 30510,30620 and  30777 (Bank Nifty Spot Levels)

Sell below 30200 Tgt 30100,29989 and 29890 (Bank Nifty Spot Levels)

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