As discussed in Last Analysis Bank Nifty formed an Inside bad today,Plan remains the same Bulls need to move above 31550 for a move back to 31750/31940. Bears will get active below 31100 for a move back to 30900/30700. Low made was 30996 so bears were unable to reach target of 30900. We have formed a GARTLEY pattern in Bank Nifty suggesting if we hold 31200 we can rally back to 31500. Bears will get active below 31150 for a move back to 31000/30850.
Bank Nifty Dec Future Open Interest Volume is at 13.3 lakh with liquidation of 1 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @31829 closed below it.
32000 CE is having highest OI @7.4 Lakh resistance at 31500 followed 32000.30000-32000 CE added 1 Lakh in OI so bears added position in the zone of 31800-32000.
31000 PE is having highest OI @5.6 Lakh, strong support at 31000 followed by 30800.30000-32000 PE added 0.97 Lakh OI so bulls making support in the range of 31000-31100.