Bank Nifty Analysis:NDA 2.0 comes back to power

By | May 23, 2019
  • As Discussed in Last Analysis We formed an inside day today be prepared for volatility if you are having small capital try to stay away as volatile move can lead to big losses. Bank Nifty Bulls will get active above 30700 for a move towards 31000/31260/31500. Bears below 30265 for a move back to 30000/29840/29500. 31500 done above 30700 and we also protected sun ingress low of 30265 as discussed. Bank Nifty Bulls will get active above 30526 for a move towards 30700/30877/31000. Bears below 30265 for a move back to 30000/29840/29500.

  • Bank Nifty May Future Open Interest Volume is at 16 lakh with addition of 1.14 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @29964 closed above it.
  • 31000 CE is having highest OI @4.1 Lakh resistance at 31000  followed 31500.  28000-31000 CE added 3.6 Lakh in OI so bears added in the zone of 29500-30500
  • 30000 PE is having highest OI @3.7 Lakh, strong support at 30000 followed by 29500.29000-31000 PE added 3.7 Lakh OI so bulls making strong support in the range of 29800-30000.

Buy above 30440 Tgt 30526,30613 and  30701  (Bank Nifty Spot Levels)

Sell below 30352 Tgt 30265,30125 and 30000 (Bank Nifty Spot Levels)

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