Nifty Bank Analysis as Mercury Turns Direct

  • As discussed in Last Analysis; We have formed a Bearish ABCD Pattern with a PRZ zone around 31551, so any longs should keep an SL of 31205 and book out around 31551. Fresh Longs should be taken above 31575 for a move back to 31783. Bears will get active below 30200 for a move back to 31077/30950. Mercury Turns Direct today, so we should see a good move in Nifty Bank in the next 2 days, Fresh Longs should be taken above 31575 for a move back to 31783. Bears will get active below 30200 for a move back to 31077/30950.

  • Nifty Bank Nov Future Open Interest Volume is at 17.9 lakh, with a liquidation of 0.46 Lakh, with a decrease in the Cost of Carry suggesting long positions were closed today. Nifty Bank Rollover cost is @29919 and closed above it.
  • 31500 CE is having a highest OI @2.6 Lakh, resistance at 31500, followed by 31800. 30000-32000 CE added 6.8 Lakh in OI, so bears added positions in the zone of 31500-31700.
  • 30500 PE is having a highest OI @4.2 Lakh, strong support at 30800, followed by 30500. 30000-32000 PE added 7.5 Lakh OI, so bulls are creating support in the range of 30800-31000.

Buy above 31400 Tgt 31481,31610 and  31747 (Nifty Bank Spot Levels)

Sell below 31300 Tgt 31215,31080 and 31000  (Nifty Bank Spot Levels)