Bank Nifty May Expiry Analysis

By | May 30, 2018
  • As Discussed in Last Analysis   As soon was 26500 broken we saw the decline towards 26250 so we again reacted from gann angle resistance zone. Any break of 26208 can see fast decline towards 26064/25920/25776/25600. Bullish above 26352 for a move back to 26496/26640/26777. Bank Nifty opened gap down took support near 26000 and bounced back, Now bulls need to see a close above 26352 for a move back to 26496/26640/26777. Any break of 26208 can see fast decline towards 26064/25920/25776/25600. Bank Important intraday time for reversal can be at 9:36/3:05. How to Control Emotions While trading

  • Bank Nifty May Future Open Interest Volume is at 14.1  lakh with liquidation of 5.8 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24969  closed above it and rallied 1500 points.
  • 26500 CE is having highest OI @10.2 Lakh resistance at 26500 followed 26700.25000-27000 CE liquidated 7.8 lakh in OI so bears covered  position at higher level making resistance in range of 26500-26700.

 

  • 26000 PE is having highest OI @11.7 Lakh, strong support at 26100  followed by 26000.25000-27000 PE  added 8.1  lakh in OI so bulls having strong support in range of 26100-26200.

 

Buy above 26350 Tgt 26420,26500 and 26666 (Bank Nifty Spot Levels)

Sell below 26300 Tgt 26240,26150 and 26000 (Bank Nifty Spot Levels)

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