As discussed in Last AnalysisAs we will see outcome of RBI poilcy today Bulls need to move above 35438 for a move back to 35610/35721/35911. Bears have there chances below 35169 for a move towards 35000,34826 and 34666. 35937 very important number to be watched out for. Bank Nifty Bulls close below 35937 important gann number, Now Bears will have upper hand till Bank Nifty below 35937 and can fall back to 35344/34969. Bulls above 35950 for a move back to 36100/36331/36481.Gann cycle which started from 16116 completing one important cycle at 36461.
Bank Nifty Feb Future Open Interest Volume is at 17.3 lakh with liquidation of 0.06 Lakh, with increase in Cost of Carry suggesting LONG positions were closed today. Bank nifty Rollover cost @30980 closed above it.
37000 CE is having highest OI @7.2 Lakh resistance at 36500 followed 37000.35000-367000 CE added 5.3 Lakh in OI so bears added position in the zone of 36000-37000.
35000 PE is having highest OI @6.1 Lakh, strong support at 35000 followed by 34500 .34000-35000 PE added 22 Lakh OI so bulls making support in the range of 34000-35000.