Bank Nifty Weekly Expiry Analysis

  • As Discussed in Last Analysis  Bulls above 29730 can push towards 29899/30050. 2 days close Below 29343 can lead to quick fall towards 28560/27770 where gann angle support lies as shown in below chart. 29899 done above 29730. We have expiry today and we are back at gann angle resistance, Till Bank Nifty Bulls are holding 29730 rally can continue till 30067/30250/30444. Bears have there chances below 29729 for a move back to 29572/29280.

  • Bank Nifty Nov Future Open Interest Volume is at 14.7 lakh with liquidation of 0.01 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @29413 closed above it.
  • 30000 CE is having highest OI @14.8 Lakh resistance at 30000 followed 30300.29000-31000 CE added 12Lakh in OI so bears added position in the zone of 30000-30300.
  • 29500 PE is having highest OI @14.6 Lakh, strong support at 29500 followed by 29300 .29000-30000 PE added 25 Lakh OI so bulls making support in the range of 29200-29000.

Buy Above 29950 Tgt 30067,30250 and 30385 (Bank Nifty Spot Levels)

Sell Below 29820 Tgt 29729,29628 and 29500 (Bank Nifty Spot Levels)

Upper End of Expiry : 30271

Lower End of Expiry : 29628

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