Will Bank Nifty Bulls hold 22500 for another rally ?

  • As discussed in Last Analysis   Holding 22700 we can see up move towards 22940/23330. Bearish below 22500 for a move towards 22350/22200. Bank Nifty again opened with gap made high of 22853 and corrected all the way till 22514, holding 22500 gann angle support as shown below. Bulls failed to close above 22700, Bearish below 22500 for a move towards 22350/22115. Bullish above 22700 for a move towards 22940/23000.   Is It possible to Trade without emotion

  • Bank Nifty May Future Open Interest Volume is at 34.9 lakh with liquidation of 1.3 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @22035, closed above it.
  • 23000 CE is having highest OI @5.1Lakh resistance at 23000 followed 22500. 21500-23500 CE saw addition of 1  lakh in OI suggesting bears  added in range of 23000-23500.
  • 21500 PE is having highest OI @10 Lakh, strong support at 22000 followed by 21500, Bulls added 1.9 Lakh position in OI in range of 21500-22500 making strong base in range of 22000-21800.

Buy above 22670 Tgt 22720,22800 and 22940 (Bank Nifty Spot Levels)

Sell below 22520 Tgt 22460,22350 and 22222 (Bank Nifty Spot Levels)

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