Bank Nifty Analysis as Mercury goes in Inferior Conjunction

  • As discussed in Last Analysis   High made was 30700 so bears got entry at 30700 and did 1 target on downside and now waiting for next target of 30260/30000. Bank Nifty corrected as per our analysis on Venus Squares Jupiter aspect. Low made was 30329 so bears will waiting for 30260/30090. 30090 is important GANN Number so if we hold this level we can see rally back to 30500/30600 after gap down, Unable to hold this fall can extend towards 29900/29500. Today Mercury is going in Inferior Conjunction very important day.

  • Bank Nifty Jan Future Open Interest Volume is at 8.6 lakh with liquidation of 1.7 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @30990 closed below it.
  • 31000 CE is having highest OI @10 Lakh resistance at 30600  followed 31000.30000-32000 CE added 25  Lakh in OI so bears added position in the zone of 30600-30800.
  • 30000 PE is having highest OI @9 Lakh, strong support at 30500 followed by 30300.30000-32000 PE liquidated 10 Lakh OI so bulls making support in the range of 30000-30100.

Buy above 30470 Tgt 30585,30721 and  30810 (Bank Nifty Spot Levels)

Sell below 30300 Tgt 30180,30090 and 29900 (Bank Nifty Spot Levels)

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