Bank Nifty Jan Month Expiry Analysis

  • As discussed in Last Analysis   Bank NIfty saw a voaltile move during the day and made a lower low, we will open with gap down tommrow,Important level to watch out is 30909 on downside which is again a potential level for 500 points move either side.Bulls need to move above 31370 for a move back to 31555/31787/31987. Bears below 30900 for a move back to 30620/30500/30225. High made was 31287 so bulls unable to breach 31370 and bears once below 30900 did all target on downside and we got the 500 points move as per expectation. Now Bears need to break 29952 for a move back to 29808/29664/29520. Bulls above 30096 can rally abck to 30240/30384/30538.Remember, the people in pain, will be subjected to more pain during expiry. So, this month, bulls are in pain, and there might be more pain for them around expiry.

  • Bank Nifty Feb  Future Open Interest Volume is at 10.9 lakh with addition of 4.4 Lakh, with increase in Cost of Carry suggesting SHORT positions were added today. Bank nifty Rollover cost @31230 closed below it.
  • 30500 CE is having highest OI @7.2 Lakh resistance at 30300 followed 30500.30000-33000 CE added 38.3 Lakh in OI so bears added position in the zone of 32800-33300.
  • 30000 PE is having highest OI @9.2 Lakh, strong support at 30000 followed by 29500 .29000-31000 PE added 3.2 Lakh OI so bulls making support in the range of 29500-29800.

Buy Above 30096 Tgt 30240,30384 and 30538 (Bank Nifty Spot Levels)

Sell Below 29952 Tgt 29808,29664 and 29520(Bank Nifty Spot Levels)

Upper End of Expiry : 30453

Lower End of Expiry : 29476

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