Bank Nifty Rallies on Gann Date

  • As Discussed in Last Analysis 05 Dec is important gann date as it being an Holiday we should see move either tommrow or Monday. Bulls now need to move above 29555 for a move back to 29700/29850/30000. Bears below 29350 can see fall back to 29200/29040/28850. 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. 

  • Bank Nifty Nov Future Open Interest Volume is at 17.5 lakh with addition of 1.6 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @29413 closed above it.
  • 30500 CE is having highest OI @6.8 Lakh resistance at 30500 followed 31000.29000-31000 CE added 10 Lakh in OI so bears added position in the zone of 30500-31000.
  • 29000 PE is having highest OI @6.6 Lakh, strong support at 29000 followed by 28700.28000-30000 PE added 19 Lakh OI so bulls making support in the range of 29300-29500.

Buy Above 30170 Tgt 30300,30450 and 30610 (Bank Nifty Spot Levels)

Sell Below 29950 Tgt 29820,29666 and 29450 (Bank Nifty Spot Levels)

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