As discussed in Last AnalysisBulls were able to do both target on upside High made was 31505 near our 2 target of 31500. Now Bulls need to move above 31365 for a move back to 31500/31666. Bears will get active below 31200 for a move back to 31064/30900.Low made was 31398 and bulls again did 31500 on upside. Now we have Weekly Expiry tomorrow Bank Nifty Bulls till holding 31400 can rally towards 31588/31666/31778. Bears will get active below 31370 for a move back to 31225/31100.
Bank Nifty Jan Future Open Interest Volume is at 12 lakh with liquidation of 0.04 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @30990 closed above it.
31500 CE is having highest OI @7.7 Lakh resistance at 31500 followed 31800.30000-32000 CE added 3.7 Lakh in OI so bears added position in the zone of 31500-31800.
31300 PE is having highest OI @6.5 Lakh, strong support at 31300 followed by 31000.30000-32000 PE added 15 Lakh OI so bulls making support in the range of 31100-31300.