Bank Nifty forms Inside Bar,EOD Analysis

  • As discussed in Last Analysis We formed a perfect DOJI on time cycle date suggesting break of todays high or low we can see at least 250-300 points move in Bank Nifty, Bulls need to move above 31550 for a move back to 31750/31940. Bears will get active below 31100 for a move back to 30900/30700. Bank Nifty formed an Inside bad today,Plan remains the same Bulls need to move above 31550 for a move back to 31750/31940. Bears will get active below 31100 for a move back to 30900/30700.

  • Bank Nifty Dec Future Open Interest Volume is at 14.3  lakh with addition of 0.78 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @31829 closed below it.
  • 32000 CE is having highest OI @8.6 Lakh resistance at 31500  followed 32000.30000-32000 CE added 4 Lakh in OI so bears added position in the zone of 31800-32000.
  • 31000 PE is having highest OI @5.9 Lakh, strong support at 31000 followed by 30800.30000-32000 PE liquidated 3.8 Lakh OI so bulls making support in the range of 31000-31100.

Buy above 31250  Tgt 31340,31500 and  31626 (Bank Nifty Spot Levels)

Sell below 31120 Tgt 31053,30950 and 30778 (Bank Nifty Spot Levels)

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