Bank Nifty Analysis for 06 Jan

  • As discussed in Last Analysis Every Dip in Bank Nifty is getting bought into but its time to be cautious as per Astro cycle we can see big trending move in bank nifty in next 2 trading sessions. Bulls need to move above 31540 for a move back to 31777/31900, Bears below 31180 can see move back to 30912/31080.  Bulls were able to do 1 target on upside and we got the trending move as per expectation. Now we are again at Gann Angle resistance bulls need to move above 31777 for a move back to 32014/32300. Bears will active below 31470 for a move back to 31200/31010/30800

  • Bank Nifty Jan Future Open Interest Volume is at 17.9  lakh with addition of 3.3 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @31230 closed above it.
  • 32000 CE is having highest OI @12.8 Lakh resistance at 32000 followed 32300.31000-32000 CE added 8 Lakh in OI so bears added position in the zone of 31000-30200.
  • 31000 PE is having highest OI @14.6 Lakh, strong support at 31000 followed by 30800 .29000-31000 PE added 18 Lakh OI so bulls making support in the range of 31000-31200.

Buy Above 31777 Tgt 31901,32014 and 32285 (Bank Nifty Spot Levels)

Sell Below 31585 Tgt 31475,31351 and 31182 (Bank Nifty Spot Levels)

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