Bank Nifty Hits new life high holding 22700

  • As discussed in Last Analysis   Holding 22700 bulls are in control for a move till 22940/23104. Bearish below 22500 for a move towards 22350/22115.Big move can be seen in next 1-2 days based on time cycle analysis. Bank Nifty opened gap up as it closed above 22700 yesterday but did not gave the big move we were expecting as high made was 22860 still not near our target of 22940/23110. Bulls are in control till we trade above 22700, bears below 22500 only.  How to maintain high level of energy during Trading Hours

  • Bank Nifty May Future Open Interest Volume is at 37.7 lakh with addition of 1.8 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @22035, closed above it.
  • 23000 CE is having highest OI @5.4 Lakh resistance at 23000 followed 22500. 21500-23500 CE saw addition of 1.2 lakh in OI suggesting bears  added in range of 23000-23500.
  • 22000 PE is having highest OI @9.1 Lakh, strong support at 22000 followed by 21800, Bulls added 2.6 Lakh position in OI in range of 22000-23500 making strong base in range of 22000-21800.

Buy above 22880 Tgt 22940,23010 and 23110 (Bank Nifty Spot Levels)

Sell below 22800 Tgt 22750,22680 and 22630 (Bank Nifty Spot Levels)

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