Nifty Bank EOD Analysis for 20 Nov

  • As discussed in Last Analysis; Bulls need to break 31050 for the upmove to continue towards 31200/31450/31666. Bears have their chance below 30850 for a move back to 30730/30555/30350. Nifty Bank reached 31200 and has closed above 31200, heading towards 31329/31450/31666/31800. Bears will get active below 30950 for a move back to 30720/30500.

  • Nifty Bank Nov Future Open Interest Volume is at 19 lakh, with the addition of 1.1 Lakh, with an increase 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 @5.3 Lakh, resistance at 31300, followed by 31500. 30000-32000 CE liquidated 3.9 Lakh in OI, so bears covered positions in the zone of 31300-31500.
  • 30500 PE is having a highest OI @9.3 Lakh, strong support at 31000, followed by 30800. 30000-32000 PE added 16 Lakh OI, so bulls are creating support in the range of 30500-30300.

Buy above 31250 Tgt 31329,31490 and  31688 (Nifty Bank Spot Levels)

Sell below 31150 Tgt 30050,30900 and 30720  (Nifty Bank Spot Levels)