Bank Nifty Analysis for 30 May

  • As discussed in Last Analysis   Bank Nifty closed above 23300 suggesting bulls are having upper hand and can push bank nifty all the way till 23600/23800/24000. Bearish below 22900 only. Bank Nifty failed to close above 23300, but managed to hold the gann angle where it did breakout, holding the same attempt will be made to move towards 23300/23600. Bearish below 22900 for a move towards 22740/22500. How I Deal with Trading Losses

  • Bank Nifty June Future Open Interest Volume is at 31.4 lakh with liquidation of 0.47 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @22660, closed above it.
  • 23500 CE is having highest OI @7.4 Lakh resistance at 23500 followed 23700. 22500-24500 CE saw addition of 1 lakh in OI suggesting bears  added in 23500-24000 range strong resistance in this range.
  • 22500 PE is having highest OI @5.6 Lakh, strong support at 22500 followed by 23000, Bulls added 1.5 Lakh position in OI in range of 22500-23000 making strong base in range of 23000-22800.

Buy above 23220 Tgt 23260,23330 and 23390 (Bank Nifty Spot Levels)

Sell below 23120Tgt 23060,22970 and 22900(Bank Nifty Spot Levels)

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