As Discussed in Last AnalysisAs per gann analysis Range of 28070-28225 will act as a resistance zone,so longs should use this range to book profits as and when it come. Bears will get active below 27450 for a move back to 27200/27000/26873. Bank Nifty continued its strong momentum on upside, Today is important astro date and break of High and low of today can see move of 350-500 points. Bulls need to move above 28656 for a move back to 28000/28944/29088. Bears will get active below 28512 for a move back to 28368/28244/28080.
Bank Nifty Nov Future Open Interest Volume is at 18.5 lakh with addition of 0.77 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24264 closed above it.
28800 CE is having highest OI @14 Lakh resistance at 28800 followed 29000.27000-29000 CE added 14.1 Lakh in OI so bears added position in the zone of 28000-28300
28000 PE is having highest OI @14.1 Lakh, strong support at 28000 followed by 27500.27000-28000 PE added 22 Lakh OI so bulls making support in the range of 27000-27300.