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.