Nifty Bank Forms Hammer On Astro Date

  • As discussed in Last Analysis; Bears now need to break through 30500 for a move back to 30300/30030. Bulls will get active above 30750 for a move back to 30990/31200. A low was made at 30338, but failed to reach our target of 30300. As today was an Important astro date, a break of Highs and Lows can see a 300-400 point move in Nifty Bank. Bulls need to close above 30810 for a move back to 30950/31080/31200/31360. Bears will get active below 30610 for a move back to 30390/30240/30096.

  • Nifty Bank Nov Future Open Interest Volume is at 17.1 lakh with the addition of 0.05 Lakh, with an decrease in the Cost of Carry suggesting short positions were closed today. Nifty Bank Rollover cost is @29919 and closed above it.
  • 31000 CE is having a highest OI @8.5 Lakh, resistance at 31000, followed by 31300. 30000-32000 CE added 29 Lakh in OI, so bears added positions in the zone of 31000-31300.
  • 30500 PE is having a highest OI @4.7 Lakh, strong support at 30500, followed by 30300. 30000-31000 PE liquidated 11.2 Lakh OI, so bulls are creating support in the range of 30500-30300.

Buy above 30810 Tgt 30910,31076 and  31210  (Nifty Bank Spot Levels)

Sell below 30600 Tgt 30500,30350 and 30100 (Nifty Bank Spot Levels)