- As discussed in Last Analysis Bears below 22600 can push bank nifty towards 20450/20300. Bullish above 22740 for a move towards 22900/23110. High made today was 22740 so bulls were not able to cross the important gann level of 22740 and break of 22600 bears were having upper hand and made low of 22492 almost near gann support as shown in below chart but failing to reach our target of 22450 but closed below 22600. 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. Money is a Lot Like Water
- Bank Nifty May Future Open Interest Volume is at 27.2 lakh with liquidation of 3.5 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @22035, closed above it.
- 23000 CE is having highest OI @12.2 Lakh resistance at 23000 followed 22900. 22000-23000 CE saw addition of 2.6 lakh in OI suggesting bears added in 22600-22800 range.
- 22000 PE is having highest OI @12.4 Lakh, strong support at 22000 followed by 21800, Bulls added 3.7 Lakh position in OI in range of 22000-23000 making strong base in range of 22300-22500.
Buy above 22620 Tgt 22710,22800 and 22920 (Bank Nifty Spot Levels)
Sell below 22550 Tgt 22450,22370 and 22300 (Bank Nifty Spot Levels)
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