Bank Nifty Ready for a Big Move,EOD Analysis

By | January 4, 2021 9:30 pm
  • Bank Nifty is still unable to break above the Gann master cycle high of 31510 on 30 Dec, Till we are unable to close above it Bulls are on backfoot. 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. Bears need a close below 30999 for a positional short to be activated till than its buy on dips market.

  • Bank Nifty Jan Future Open Interest Volume is at 14.6 lakh with addition of 0.34 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @31230 closed above it.
  • 31500 CE is having highest OI @10.8 Lakh resistance at 31500 followed 31700.31000-32000 CE added 18 Lakh in OI so bears added position in the zone of 31000-30200.
  • 31000 PE is having highest OI @12.6 Lakh, strong support at 31000 followed by 30800 .29000-31000 PE added 8 Lakh OI so bulls making support in the range of 31000-31200.

Buy Above 31250 Tgt 31333,31480 and 31666 (Bank Nifty Spot Levels)

Sell Below 31180 Tgt 30041,30907 and 30777 (Bank Nifty Spot Levels)

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