Bank Nifty Analysis for 06 Nov

  • As Discussed in Last Analysis Bulls need to move above 25900 for upmove towards 26050/26350/26500 Bears need a close below 25600 for move towards 25450/25300/25000.Tommrow is very important Gann Date. Bank Nifty gave a breakout as per below Gann Chart till bulls are holding 26190-26229 range rally can continue till 26450/26600/26830/27000. Bears below 26150 can see fall towards 26000/25850/25700. Break of today High and low should give 400-500 points move in Bank Nifty.

  • Bank Nifty Nov Future Open Interest Volume is at 18.7 lakh with addition of 1.8 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @24264 closed above it.
  • 26500 CE is having highest OI @14 Lakh resistance at 26500 followed 26800.24000-26000 CE added 4.1 Lakh in OI so bears added position in the zone of 26000-26300
  • 26000 PE is having highest OI @4.1 Lakh, strong support at 26000 followed by 25800.25000-27000 PE added 22 Lakh OI so bulls making support in the range of 25800-26000.

Buy Above 26400 Tgt 26500,26610 and 26810 (Bank Nifty Spot Levels)

Sell Below 26180 Tgt 26083,25900 and 25710 (Bank Nifty Spot Levels)

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