Bank Nifty again fails to close above 22380,EOD Analysis

By | May 2, 2017
  • As discussed in Last Analysis   Any close above 22400 will be bullish for next move towards 22800/23200 with minor resistance at 22547. High made today was 22383 so bank nifty facing lot of challenge in crossing our level of 22380, once bulls are able to cross 22383 we can see quick move towards 22547/22559. Range of 22547/22559 is very very crucial range if not crossed we can see the much expected correction. Bullish above 22380 for a move towards 22547/22559, Bearish below 22180 for move towards 22000/21850 High made today was 22492 and closed again below 22380, As discussed 22547-559 range which is gann resistance level as per below charts, needs to be crossed for a fast rise towards 22800/22900 range. Bearish only on close below 22180. So bank nifty can keep playing the range of 22180-22500 before a move of another 300-400 points.  The Secret to Trading Success

  • Bank Nifty May Future Open Interest Volume is at 33.7 lakh with liquidation of 1.3 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @22035, closed above it and Rollover % at 75
  • 23000 CE is having highest OI @5.6 Lakh resistance at 23000 followed 22500. 21000-23000 CE saw liquidation of 0.83 lakh in OI suggesting bears used the dip to cover position in range of 22700-23000 .
  • 21500 PE is having highest OI @7.5 Lakh, strong support at 21500 followed by 21300, Bulls added 2.7 Lakh position in OI in range of 21500-22500 making strong base in range of 21500-21800.

Buy above 22370 Tgt 22440,22500 and 22630 (Bank Nifty Spot Levels)

Sell below 22300 Tgt 22230,22120 and 22000 (Bank Nifty Spot Levels)

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