As discussed in Last Analysis We have formed a GARTLEY pattern in Bank Nifty suggesting if we hold 31200 we can rally back to 31500. Bears will get active below 31150 for a move back to 31000/30850. Gartley Pattern did target of 31500, We have very important Time cycle date tomorrow as CHIRON is going ingress happens 3 times in a year lead to good move in Index, Bank Nifty Bulls need close above 31711 for a move towards 31796/31970/32064. Bears will become active below 31525 for a move back to 31352/31200/31050.
Bank Nifty Dec Future Open Interest Volume is at 14 lakh with addition of 0.68 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @31829 closed below it.
32000 CE is having highest OI @2.8 Lakh resistance at 32000 followed 32500.30000-32000 CE added 5.9 Lakh in OI so bears added position in the zone of 31800-32000.
31000 PE is having highest OI @3.6 Lakh, strong support at 31200 followed by 31000.30000-32000 PE added 14 Lakh OI so bulls making support in the range of 31000-31200.