Bank Nifty Does Price Time Squaring

  • As discussed in Last Analysis  32768 is an important number which should be watched out in next 2 days as we have Gann Important date tommrow as discussed in below video which can lead a potential price time squaring. Bulls need a close above 32790 for a move towards 32864/32943/33045/33136. Bears below 32512 can do 32412/32322/32142/32053.High made today was 32718 so bulls unable to move above 32768 and formed double top and also price time sqauring suggesting big move should be seen in next 2 trading sessions.Bulls need a close above 32580 for a move towards 32678/32768/32943/33045/33136. Bears below 32512 can do 32412/32322/32142/32053.

  • Bank Nifty Jan Future Open Interest Volume is at 14 lakh with addition of 0.23  Lakh, with increase in Cost of Carry suggesting SHORT positions were added today. Bank nifty Rollover cost @31230 closed above it.
  • 33000 CE is having highest OI @8.5 Lakh resistance at 32800 followed 33000.31000-33000 CE liquidated 2.3 Lakh in OI so bears covered position in the zone of 32500-33000.
  • 32000 PE is having highest OI @6.7 Lakh, strong support at 32300 followed by 32000 .30000-32000 PE added 9.2 Lakh OI so bulls making support in the range of 31800-32000.

Buy Above 32580 Tgt 32678,32768 and 32888 (Bank Nifty Spot Levels)

Sell Below 32512 Tgt 32415,32275 and 32149 (Bank Nifty Spot Levels)

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