Will Bank Nifty Bulls hold 23300 after RBI Policy announcement ?

  • As discussed in Last Analysis   So as 23300 is held we will make another upmove towards 23450-23616-23760. Bearish below 23100 for a move towards 22800-22500.  High made today was 23536 new life high, Low made today was 23381 so bank nifty bulls protecting 23300 range. Till the low of 23300 protected bank nifty can continue to move higher towards 23616/23760. Bearish below 23300 for a move towards 23150/23000. As we have RBI Policy tomorrow outcome will come around 2:30 PM so trade after 2:45 Pm  to avoid volatility. How Jesse Livermore Described Trading emotions

  • Bank Nifty June Future Open Interest Volume is at 29.3 lakh with liquidation of 2.3 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @22660, closed above it.
  • 23500 CE is having highest OI @5.7 Lakh resistance at 23500 followed 23700. 23500 liquidated 3.3 lakh before RBI Policy so we can see fast move if 23350 is protected after policy announcement. 22500-24500 CE saw liquidation of 3lakh in OI suggesting bears covered position in 23500 PE.
  • 23000 PE is having highest OI @6.3 Lakh, strong support at 23000 followed by 22800, Bulls added 5.6 Lakh position in OI in range of 22500-24500 making strong base in range of 23000-23200.

Buy above 23460 Tgt 23510,23580 and 23670 (Bank Nifty Spot Levels)

Sell below 23400 Tgt 23330,23250 and 23100 (Bank Nifty Spot Levels)

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