Nifty Bank Analysis as Mercury Turns Retrograde

  • As discussed in Last Analysis; Bulls need to break 30200 for the upmove to continue towards 30450/30666. Bears have a chance below 30800 for a move back to 30555/30350. A high was made at 30203 and a low at 30901, so we did not break highs and lows, as we have a Mercury Retrograde, we should see a good move in the market in next 2 days. Bulls need to break 31050 for the upmove to continue towards 30200/30450/30666. Bears have a chance below 30850 for a move back to 30730/30555/30350.

  • Nifty Bank Nov Future Open Interest Volume is at 17.9 lakh, with a liquidation of 0.810 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 @5 Lakh resistance at 31300  followed 31500.30000-32000 CE added 10 Lakh in OI so bears added position in the zone of 31300-31500.
  • 30500 PE is having a highest OI @7 Lakh, strong support at 30500, followed by 30300. 30000-32000 PE added 11 Lakh OI, so bulls are creating support in the range of 30500-30300.

Buy above 31050 Tgt 31150,31310 and  31450 (Nifty Bank Spot Levels)

Sell below 30950 Tgt 30860,30700 and 30550 (Nifty Bank Spot Levels)