Bank Nifty Ready for Big Move as Price Time Squares

  • As Discussed in Last Analysis  We have Total Solar Eclipse on 14 Dec and last 2 days we have formed DOJI suggesting good move will be seen based on Astro date. Bulls need to break 30823 for a move back to 31000/31300. Bears below 30555 can push index back to 30351/30098/29868. We can see Potential Price Time Squaring today as Price near Important gann angle resistance as shown below combined by Time cycle suggesting potential big move in next 2 days. Bulls need to break 30850 for a move back to 31000/31248/31500. Bears below 30610 can push index back to 30525/30410/30250/30000.

  • Bank Nifty Nov Future Open Interest Volume is at 16 lakh with addition of 0.08 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @29413 closed above it.
  • 31000 CE is having highest OI @10.8 Lakh resistance at 31000 followed 31300.29000-31000 CE added 12 Lakh in OI so bears added position in the zone of 30500-31000.
  • 30300 PE is having highest OI @12.6 Lakh, strong support at 30200 followed by 30000.29000-31000 PE added 12 Lakh OI so bulls making support in the range of 30200-30300.

Buy Above 30777 Tgt 30853,30960 and 31070 (Bank Nifty Spot Levels)

Sell Below 30666 Tgt 30525,30412 and 30323 (Bank Nifty Spot Levels)

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