Bank Nifty Analysis For 11 Jan

  • As discussed in Last Analysis   We are opening gap up and filling gaps in last 2 days suggesting trend is becoming weaker as we are near gann angle resistance also as shown in below chart.Bulls now need to move above 32041 for a move back to 32256/32400/32544. Bears will active below 31824 for a move back to 31684/31500. Bank Nifty did not participated in today move, with Nifty up 200 points Bank Nifty was up only above 128 points not happened very recently and can be attributed to the Gann Cycle as shown in below video, Nifty Date was today and Bank Nifty is on 14 Jan. Bank Nifty was able to close above 32041 and above Gann Angle resistance waiting for the target of 32256/32400/32544.Bears will active below 31824 for a move back to 31684/31500.

  • Bank Nifty Jan Future Open Interest Volume is at 16.8 lakh with Liquidation of 0.45 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @31230 closed above it.
  • 32500 CE is having highest OI @8.5 Lakh resistance at 32500 followed 33000.31000-33000 CE added 15 Lakh in OI so bears added position in the zone of 32500-33000.
  • 31500 PE is having highest OI @7.7 Lakh, strong support at 31500 followed by 31800 .30000-32000 PE added 16.3 Lakh OI so bulls making support in the range of 31500-31800.

Buy Above 32151 Tgt 32253,32420 and 32549 (Bank Nifty Spot Levels)

Sell Below 31999 Tgt 31898,31777 and 31666(Bank Nifty Spot Levels)

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