As discussed in Last AnalysisNow till we are holding 32350 we can rally towards 32555/32768. Bears will get active below 32300 for a move back to 32150/32042. Bears were in frontfoot as soon as market opened below 32300 and did all 2 target on downside. So with Gann Analysis we were able to capture both Upside on Thursday and downside on Friday. As shown in below chart we have broken a gann angle suggesting if we break 31960 we can see further downside towards 31824/31684. Bulls will get active above 32140 for move back to 32256/32400/3255.
Bank Nifty Jan Future Open Interest Volume is at 12.4 lakh with liquidation of 0.43 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @32425 closed above it.
32500 CE is having highest OI @7.5 Lakh resistance at 32500 followed 32700.31000-33000 CE added 7.2 Lakh in OI so bears added position in the zone of 32500-32700.
32000 PE is having highest OI @5.1 Lakh, strong support at 32000 followed by 31800.31000-32500 PE added 16 Lakh OI so bulls making support in the range of 32000-32000.
