- As discussed in Last Analysis Now bulls need to hold 22700 for a move towards 22940/23104.Bearish only on close below 22500. High made today was 22835 and low made was 22664 so bulls again were able to close above 22700, but still not doing the target of 22940, Holding 22700 bulls are in control for a move till 22940/23104. Bearish below 22500 for a move towards 22350/22115.Big move can be seen in next 1-2 days based on time cycle analysis. Should I trade or not ?
- Bank Nifty May Future Open Interest Volume is at 35.9 lakh with liquidation of 0.54 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @22035, closed above it.
- 23000 CE is having highest OI @5.4 Lakh resistance at 23000 followed 22500. 21500-23500 CE saw addition of 0.29 lakh in OI suggesting bears added in range of 23000-23500.
- 21500 PE is having highest OI @8.4 Lakh, strong support at 22000 followed by 21500, Bulls added .10 Lakh position in OI in range of 21500-22500 making strong base in range of 22000-21800.
Buy above 22750 Tgt 22810,22910 and 23100 (Bank Nifty Spot Levels)
Sell below 22630 Tgt 22570,22470 and 22350 (Bank Nifty Spot Levels)
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