- As discussed in Last Analysis Low made today was 23399.40 so bulls again protected 23400, and also closed above 23477 level, suggesting underlying strength is bullish and holding the 23400 levels we can rally back to 23760/23904. Bearish below 23400 for a move towards 23300/23170/23000. Bank nifty made low of 23311 doing our 1 target of 23300 below 23400 and also closed at 23391 , suggesting bears are having upper hand and can push nifty towards 23300/23170/23000. A Note of Caution as per below charts Nifty is trading near the crucial 1×1 line which has give multiple support in past 3 time, Will it again bounce back. Bulls get active above 23477 for a move towards 23760/23900. 17 June is important trend change date as per geometric time cycle as it being holiday we should see effect either tomorrow or Monday. Are You Trading for Comfort?
- Bank Nifty June Future Open Interest Volume is at 26 lakh with liquidation of 0.12 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @22660, closed above it.
- 23500 CE is having highest OI @5.8 Lakh resistance at 23700 followed 24000. 22500-24500 PE added 2.8 lakh so Bears continue to add position at higher level.
- 23000 PE is having highest OI @11 Lakh, strong support at 23000 followed by 22800, Bulls added 2.5 Lakh position in OI in range of 22500-24500 making strong base in range of 23000-23200.
Buy above 23400 Tgt 23460,23520 and 23630 (Bank Nifty Spot Levels)
Sell below 23300 Tgt 23230,23150 and 23000 (Bank Nifty Spot Levels)
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