- As discussed in Last Analysis Now moving forward holding 22800 can move towards 23110. Bearish below 22500 only. Low made today was 22830 and high made was 22978 so bulls held on to 22800 and rallied back towards 22935 but were unable to close above 22940 again, Bulls need a close above 22940 for next move towards 23110. Strong support in range of 22680-22700. Bearish on close below 22600 for a move towards 22450/22300. Why Do Traders Lose Money Part -I?
- Bank Nifty May Future Open Interest Volume is at 36 lakh with liquidation of 0.04 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @22035, closed above it.
- 23000 CE is having highest OI @9.5 Lakh resistance at 23000 followed 22500. 22000-24000 CE saw addition of 1.8 lakh in OI suggesting bears added in 23300-23100 range.
- 22000 PE is having highest OI @9.3 Lakh, strong support at 22000 followed by 21800, Bulls added 2.7 Lakh position in OI in range of 22000-23500 making strong base in range of 22300-22500.
Buy above 22950 Tgt 23000,23110 and 23220 (Bank Nifty Spot Levels)
Sell below 22850 Tgt 22780,22650 and 22550 (Bank Nifty Spot Levels)
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