Bank Nifty Technical Analysis for May Expiry

  • As discussed in Last Analysis  Below 22600 we can see down move towards 22450, Below 22450 we can see fast fall towards 22180/22000 . Bullish above 22740 for a move towards 22900/23110.   Bank Nifty opened above 22600 made high of 22674 so failed to move near 22740 but as soon as 22600 was broken bears moved towards our target of 22450 low made was 22470, Now close below 22450 we can see fast move towards 22350/22180/22000  Money is a Lot Like Water

  • Bank Nifty May Future Open Interest Volume is at 23.7  lakh with liquidation of 3.5 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @22035, closed above it.
  • 23000 CE is having highest OI @10.8 Lakh resistance at 23000 followed 22800. 22000-23000 CE saw addition of 4  lakh in OI suggesting bears  added in 22600-22800 range strong resistance in range of 20650-800.
  • 22000 PE is having highest OI @12.3 Lakh, strong support at 22000 followed by 22200, Bulls liquidated 0.31 Lakh position in OI in range of 22000-23000 making strong base in range of 22300-22500.

Buy above 22570 Tgt 22650,22750 and 22850 (Bank Nifty Spot Levels)

Sell below 22440 Tgt 22360,22270 and 22150 (Bank Nifty Spot Levels)

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