As discussed in Last AnalysisNow till we are below 31900 bears can continue to fall towards 31663/31500/31350. Bulls will become active above 32000 for a move back to 32150/32300. High made was 31988 so bulls unable to break 32000 and bears did low of 31670 almost near our target of 31663. 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 Jan Future Open Interest Volume is at 12 lakh with liquidation of 0.53Lakh, 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 @4.6 Lakh resistance at 32000 followed 32300.31000-33000 CE added 10 Lakh in OI so bears added position in the zone of 32000-32300.
31500 PE is having highest OI @2.9 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.