Bank Nifty Analysis for 13 Jan

  • As discussed in Last Analysis  As Mercury Jupter Conjuction happend today suggesting today high and low is important for next move in Bank Nifty,Bulls need to move above 32300 for a move back to 32492/32697/32900. Bears will get active below 31795 for a move back to 31590/31343/31200. Jupiter Rules Bank Nifty so will have impact on Bank Nifty. We saw the impact of Jupiter on bank Nifty as bank nifty rallied formed an outside bar candel. Bulls were able to close above 32300 and now waiting for the target of 32492/32768. Bears should watch out for Infosys results, Bank Nifty will move opposite to Infy reaction tommrow. Bears will get chance below 32040 for a move back to 31910/31725/31500. 

  • Bank Nifty Jan Future Open Interest Volume is at 15.7 lakh with addition  of 0.04 Lakh, with Increase in Cost of Carry suggesting LONG positions were added today. Bank nifty Rollover cost @31230 closed above it.
  • 32500 CE is having highest OI @14.5 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 @12.7 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 32400 Tgt 32555,32680 and 32821 (Bank Nifty Spot Levels)

Sell Below 32245 Tgt 32154,32061 and 31910 (Bank Nifty Spot Levels)

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