Bank Nifty EOD Analysis for 29 Jan

  • As discussed in Last Analysis We saw the good move as per Mercury Speed change below 31120 and we did 1 target of 30955 now bears need to break 30800 for the downmove to continue towards 30666/30540/30300. Bulls have change above 31000 for a move back to 31140/31300. Bulls got whipsawed above 31000 and bears below 30800 were able to do 30666. Till we are below 31000 bears can push towards 30666/30540/30300. Bulls have chance above 31050 for a move back to 31225/31400.

  • Bank Nifty Jan Future Open Interest Volume is at 12.3 lakh with liquidation of 0.91 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @32425 closed below it.
  • 31000 CE is having highest OI @10 Lakh resistance at 31000  followed 31300.31000-33000 CE added 10 Lakh in OI so bears added position in the zone of 31000-31300.
  • 30500 PE is having highest OI @5.6 Lakh, strong support at 30500 followed by 30300.30500-32000 PE added 1 Lakh OI so bulls making support in the range of 30500-30300.

Buy above 30860 Tgt 30980,31150 and  31225 (Bank Nifty Spot Levels)

Sell below 30720 Tgt 30610,30500 and 30390 (Bank Nifty Spot Levels)

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