As discussed in Last AnalysisBank 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. Today High was 36466 and bank nifty corrected 600 points from 36461, Now As we have Mercury inferior conjunction today so break of today high or low can see a fall of 800-1000 points in bank nifty. Bulls need to move above 36170 for a move back to 36342/36461/36700. Bears below 35870 can see quick fall towards 35529/35154.
Bank Nifty Feb Future Open Interest Volume is at 15.8 lakh with liquidation of 1.5 Lakh, with decrease in Cost of Carry suggesting LONG positions were closed today. Bank nifty Rollover cost @30980 closed above it.
37000 CE is having highest OI @10.2 Lakh resistance at 36500 followed 37000.35000-367000 CE added 15.3 Lakh in OI so bears added position in the zone of 36000-37000.
35000 PE is having highest OI @10.1 Lakh, strong support at 35000 followed by 34500 .34000-35000 PE added 12 Lakh OI so bulls making support in the range of 34500-35000.