Bank Nifty Breaks Mercury Ingress Low

  • As discussed in Last Analysis  We have mercury Ingress today so today high and low are very important.Bulls need to break 32000 for a move back to 32150/32300. Bears will get active below 31666 for 31550/31400. Bank Nifty broke the low of 31666 and did 31550 now waiting for 31400/31275/31100. Bulls will get active above 31800 for a move back to 31979/32158.

  • Bank Nifty Jan Future Open Interest Volume is at 12 lakh with liquidation of 0.02 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @32425 closed below it.
  • 32000 CE is having highest OI @7.2 Lakh resistance at 31800  followed 32000.31000-33000 CE added 17 Lakh in OI so bears added position in the zone of 31800-32100.
  • 31500 PE is having highest OI @3.2 Lakh, strong support at 31500 followed by 31300.30000-32000 PE added 15 Lakh OI so bulls making support in the range of 31300-31500.

Buy above 31610 Tgt 31721,31850 and  31950 (Bank Nifty Spot Levels)

Sell below 31525 Tgt 31440,31333 and 31250 (Bank Nifty Spot Levels)

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