As discussed in Last Analysis Bulls need to move above 31392 for rally to continue towards 31536/31680/31824. Bears will get active below 31180 for a move back to 30990/30700. High made was 31368 so bulls unable to move above 31392,Bears went below 31180 but failed to close below it. As per time cycle we should see big move in Bank Nifty. Bulls need to move above 31343 for rally to continue towards 31484/31600/31741. Bears will get active below 31080 for a move back to 30970/30828/30721.
Bank Nifty Jan Future Open Interest Volume is at 11.5 lakh with addition of 0.36 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @30990 closed above it.
31500 CE is having highest OI @4.3 Lakh resistance at 31500 followed 31800.30000-33000 CE added 14 Lakh in OI so bears added position in the zone of 31500-31800.
31000 PE is having highest OI @4.7 Lakh, strong support at 31000 followed by 30800.30000-32000 PE added 15 Lakh OI so bulls making support in the range of 31000-30800.