Bank Nifty ready for Big Move

  • As discussed in Last Analysis  Low made was 31770 and bulls were able to do all target on upside so we saw effect of CHIRON Ingress. Now Bulls need a close above 32041 for a move towards 32217/32396/32487. Bears have there chance below 31950 for a move back to 31800/31710/31621/31532. Bank Nifty Bulls and Bears both got whipsawed today, As per time cycle big move should be seen in next 2 days.Bulls need a close above 32041 for a move towards 32217/32396/32487. Bears have there chance below 31900 for a move back to 31710/31621/31532.

  • Bank Nifty Dec Future Open Interest Volume is at 13 lakh with addition of 0.05 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @31829 closed above it.
  • 32500 CE is having highest OI @5 Lakh resistance at 32300  followed 32500.30000-32000 CE added 7 Lakh in OI so bears added position in the zone of 32300-32500.
  • 31500 PE is having highest OI @4.2Lakh, strong support at 31500 followed by 31300.30000-32000 PE added 2 Lakh OI so bulls making support in the range of 31300-31500.

Buy above 32041 Tgt 32150,32297 and  32490 (Bank Nifty Spot Levels)

Sell below 31900 Tgt 31820,31730 and 31576 (Bank Nifty Spot Levels)

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