Nifty Bank Analysis For Muhurat Trading Session

  • As discussed in Last Analysis; Nifty Bank reacted from Gann Angle Resistance and once below 29210, bears hit 29000 and now need to break 29000 for the fall to continue towards 28780/28500/28376. Bulls will get active above 29270 for a move back to 29500/29700. Nifty Bank bulls and bears both got whipsawed as today is a small trading session for only 1 hour, so bulls need to move above 29500 for a move back to 29800/30100. Bears will get active below 29250 for a move back to 29100/28900.

  • Nifty Bank Nov Future Open Interest Volume is at 3.3 lakh with the addition of 0.76 Lakh, with an increase in the Cost of Carry, suggesting long positions were added today. Nifty Bank Rollover cost is @30213 and closed below it.
  • 29500 CE is having a highest OI @3.3 Lakh, resistance at 29500, followed by 30000. 28000-31000 CE liquidated 0.4 Lakh in OI, so bears covered positions in the zone of 29300-29500.
  • 28500 PE is having a highest OI @3.4 Lakh, strong support at 28800, followed by 28500. 27000-30000 PE added 1.9 Lakh OI, so bulls are creating support in the range of 28800-29000.

Buy above 29452 Tgt 29590,29777 and  29900 (Nifty Bank Spot Levels)

Sell below 29250 Tgt 29100,28900 and 28777 (Nifty Bank Spot Levels)