Bank Nifty Analysis for 01 Jan 2020

  • As discussed in Last Analysis   Today was Mercury Ingress so today high and low will decide the next 250-300 points move in bank Nifty.Bears will get active below 32240 for a move back to 32050/31900.Bulls will get active above 32400 for a move back to 32555/32768. Wishing All Blog Readers a very Happy and Prosperous New Year. Bank NIfty has broken the low of Mercury Ingress and now we are waiting for target of 32050/31900.Bulls will get active above 32400 for a move back to 32555/32768.

  • Bank Nifty Jan Future Open Interest Volume is at 13 lakh with liquidation of 0.80 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @32425 closed below it.
  • 32500 CE is having highest OI @10 Lakh resistance at 32500  followed 32700.31000-33000 CE added 14 Lakh in OI so bears added position in the zone of 32500-32700.
  • 32000 PE is having highest OI @9 Lakh, strong support at 32000 followed by 32200.31000-32500 PE added 4.2 Lakh OI so bulls making support in the range of 31800-32000.

Buy above 32220 Tgt 32300,32443 and  32530 (Bank Nifty Spot Levels)

Sell below 32150 Tgt 32070,31990 and 31830 (Bank Nifty Spot Levels)

Leave a Reply