Bank Nifty Analysis for June Expiry

  • As discussed in Last Analysis   We were expecting prices to bounce back but as soon as 23507 was taken out bears were on full swing and effect of price and time squaring was seen as shown in below chart. Thats the beauty of price time squaring you get impulsive move. Bears are in front foot and break of 23180 again will see fall towards 23050/22836/22640.Break of 23000 should led to fast move towards 22640. Bullish above 23300 for a move towards 23500/23650. Bank Nifty made low of 23114 and high of 23322 so both bulls and bears got whipsawed after yesterday fall, as we approach expiry. Bullish above 23350 for a move towards 23600/23900. Bearish below 23100 for a move towards 22900/22600. Trade for a living

  • Bank Nifty June Future Open Interest Volume is at 14.2 lakh with liquidation of 5.7 Lakh, with increase in Cost of Carry suggesting Long positions were closed today. Bank nifty Rollover cost @22660, closed above it.
  • 23500 CE is having highest OI @11.8 Lakh resistance at 23500 followed 23700. 23000-24000 PE added 6 lakh so Bears added position in 23700-24000 range, making a strong grip over 23500.
  • 23000 PE is having highest OI @12.6 Lakh, strong support at 23000 followed by 23200, Bulls liquidated 9.2 Lakh position in OI in range of 23200-23500 making strong base in range of 23000-23200.

Buy above 23250 Tgt 23300,23420 and 23530 (Bank Nifty Spot Levels)

Sell below 23180 Tgt 23100,23000 and 22800 (Bank Nifty Spot Levels)

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