Bank Nifty Analysis for 08 Dec

  • As Discussed in Last Analysis Bears unable to break 29350 and Bulls once above 29555 and with Gann Date showing effect did all 3 target on upside. Now Bulls need to break 30170 for a move back to 30300/30555/30800. Bears below 29890 for a move back to 29650/29410/29210. As discussed in below video today high and low are very important for move till 09 Dec, Bulls need to move above 30360 for a move back to 30555,30800,31000. Bears below 30150 for a move back to 30000,29768,29586.

  • Bank Nifty Nov Future Open Interest Volume is at 17.3 lakh with liquidation of 0.24 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @29413 closed above it.
  • 30500 CE is having highest OI @10.8 Lakh resistance at 30500 followed 31000.29000-31000 CE added 20 Lakh in OI so bears added position in the zone of 30500-31000.
  • 29000 PE is having highest OI @16.6 Lakh, strong support at 29000 followed by 28700.28000-30000 PE added 29 Lakh OI so bulls making support in the range of 29300-29500.

Buy Above 30250 Tgt 30370,30555 and 30800 (Bank Nifty Spot Levels)

Sell Below 30150 Tgt 30000,29780 and 29600 (Bank Nifty Spot Levels)

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