Bank Nifty Analysis as Mercury goes Ingress

  • As Discussed in Last Analysis We have Mercury Ingress of 01 Dec suggesting we are ready for another big move in Bank Nifty. Bulls need to move above 29791 for a move back to 29910/30109/30250. Bears below 29350 can fall back to 29200/29070/28920. Bulls were able to close above 29791 and did 1 target of 29910, Now Bulls need to move above 29920 for upmove to continue towards 20150/30400. Bears below 29750 can see quick fall towards 29600/29370/29200. Marecury Ingreess today so break of High and low of today can see move of 500-700 points in next 2 trading sessions.

  • Bank Nifty Nov Future Open Interest Volume is at 14.7 lakh with addition of 0.48 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @29413 closed above it.
  • 30000 CE is having highest OI @14 Lakh resistance at 30000 followed 30200.29000-31000 CE added 12.1 Lakh in OI so bears added position in the zone of 30000-30500
  • 29300 PE is having highest OI @18.1 Lakh, strong support at 29300 followed by 29000.28000-29000 PE added 12 Lakh OI so bulls making support in the range of 29000-29300.

Buy Above 29850 Tgt 29988,30150 and 30400(Bank Nifty Spot Levels)

Sell Below 29750  Tgt 29600,29450 and 29300 (Bank Nifty Spot Levels)

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