Bank Nifty continue to hold 21500,EOD Analysis

  • As discussed in Last Analysis  Bank Nifty did the target of 21700 as we are expecting as it took support at gann angles and also closed above the 21500 and traders were able to capture today’s trending move. Now bulls need to hold to 21500 level for next move towards 21950-22000. Bearish on close below 21400. Bank Nifty made low of  21551 so bulls held on to 21500 in today’s correction so we can continue the upmove towards 21850/21990 as we have weekly closing tomorrow, Friday being an holiday. Bearish below 21500 for a move towards 21400/21350 Secret of Successful Traders :Be Imperfect

  • Bank Nifty April Future Open Interest Volume is at 29.7 lakh with liquidation of 0.56 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @21316, closed above it and Rollover % at 65.2
  • 22000 CE is having highest OI @4.9 Lakh resistance at 22000. 20500-22500 CE saw liquidation of 0.81  lakh in OI suggesting bears used the fall to cover their positions.
  • 21500 PE is having highest OI @66.5 Lakh, strong support at 21300 followed by 21000, Bulls added 0.45 Lakh position in OI in range of 20500-22500 .

Buy above 21700 Tgt 21770,21850 and 21910 (Bank Nifty Spot Levels)

Sell below 21550 Tgt 21440,21380 and 21300 (Bank Nifty Spot Levels)

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