Bank Nifty does 22940,EOD Analysis

  • As discussed in Last Analysis   Bank Nifty again bounced from gann support low made today was 22730 bulls were on front foot as we are above 22700 and we made high of 22891 so bulls were able to capture the move and now waiting for 22940/23110. Bearish below 22500 only. Low made today was 22725 and high made was 22944 so bank nifty moved from lower end of range to did the 1 target of 22940 and now moving forwards holding 22800 can move towards 23110. Bearish below 22500 only.   Lesson a TRADER can learn from ANT

  • Bank Nifty May Future Open Interest Volume is at 36 lakh with addition of 0.45 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @22035, closed above it.
  • 23000 CE is having highest OI @8.3 Lakh resistance at 23000 followed 22500. 22000-24000 CE saw liquidation of 0.1 lakh in OI suggesting bears  did profit booking in range of 23300-23500.
  • 22000 PE is having highest OI @9.2 Lakh, strong support at 22000 followed by 21800, Bulls added 3.6 Lakh position in OI in range of 22000-23500 making strong base in range of 22000-21800.

Buy above 22950 Tgt 23000,23110 and 23220 (Bank Nifty Spot Levels)

Sell below 22850 Tgt 22780,22650 and 22550 (Bank Nifty Spot Levels)

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