Nifty Bank EOD Analysis for 01 Nov

  • As discussed in Last Analysis; With today being the expiry day, bulls need to close above 30100 for a move back to 30272/30447. Bears will become active below 29900 for a move back to 29776/29565. 30415 has been reached, now bulls need to move above 30160 for a move back to 30325/30555. Bears will become active below 29900 for a move back to 29776/29565. 31 Oct was a Mercury Ingress, so the high and low of 31 Oct are very important with a break of 30415 on the upside and a break below 29987 that can lead to a 300-400 point move in Nifty Bank.

  • Nifty Bank Nov Future Open Interest Volume is at 7.8 lakh, with the addition of 1.7 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.

Buy above 30150 Tgt 30250,30400 and  30555 (Nifty Bank Spot Levels)

Sell below 29950 Tgt 29800,29666 and 29555 (Nifty Bank Spot Levels)