As discussed in Last Analysis Bulls need a close above 31000 for a move back to 31118/31293. Bears need close below 30700 for a move back 30540/30260. 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.
Bank Nifty Jan Future Open Interest Volume is at 10.3 lakh with liquidation of 0.16 Lakh, with Decrease in Cost of Carry suggesting short positions were CLOSED today. Bank nifty Rollover cost @30990 closed below it.
31000 CE is having highest OI @7.6 Lakh resistance at 30800 followed 31000.30000-32000 CE added 25 Lakh in OI so bears added position in the zone of 31000-30800.
30500 PE is having highest OI @4.6 Lakh, strong support at 30500 followed by 30300.30000-32000 PE added 0.94 Lakh OI so bulls making support in the range of 30300-30500.