Bank Nifty Analysis as Sun Conjunct Mercury

  • As discussed in Last Analysis   We have important Astro date tomorrow which will decide the next trend in market.Bulls need to move above 32200 for a move back towards 32400/32610/32768. Bears will get active below 31900 for a move back to 31680/31500. Bulls failed to do the target of 32400 as high made was 32347, As  on 10 Jan we have Sun Conjunct Mercury so break of 32347 will see move on upside towards 32500/32666/32768. Bears will get active below 31950 for a move back to 31650/31525.

  • Bank Nifty Jan Future Open Interest Volume is at 14 lakh with liquidation of 1.6 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @32425 closed below it.
  • 32500 CE is having highest OI @4.8 Lakh resistance at 32300  followed 32500.31000-33000 CE added 14.7  Lakh in OI so bears added position in the zone of 32300-32500.
  • 31500 PE is having highest OI @4.9 Lakh, strong support at 31500 followed by 31300.30000-32000 PE added 10 Lakh OI so bulls making support in the range of 31300-31500.

Buy above 32140 Tgt 32220,32311 and  32412 (Bank Nifty Spot Levels)

Sell below 32000 Tgt 31920,31756 and 31667 (Bank Nifty Spot Levels)

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