Bank Nifty Bulls protect 23470 again,EOD Analysis

  • As discussed in Last Analysis   Low made today was 23476 so bulls protecting the lower end of 23472 and continue to move higher  towards 23760/23904 and we got the expected move as per geometric cycle. High made today was 23710 so we are nearing in our next target of 23760. Bearish below 23400 for a move towards 23300/23170/23000. Low made today was 23446 and closed at 23477 so bulls again protected the range of 23470-23480 and we have crucial day tomorrow, if we held on to this range we can rally back to 23760/23904. Break of 23400 can see fast fall towards 23300/23170/23000.     Mind over matter

  • Bank Nifty June Future Open Interest Volume is at 27.1 lakh with liquidation of 0.22 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @22660, closed above it.
  • 23500 CE is having highest OI @5.4 Lakh resistance at 23700 followed 23700. 22500-24500 PE added 0.59 lakh so Bears continue to add position at higher level.
  • 23000 PE is having highest OI @9.4 Lakh, strong support at 23000 followed by 22800, Bulls added 0.74 Lakh position in OI in range of 22500-24500 making strong base in range of 23000-23200.

Buy above 23500 Tgt 23580,23700 and 23770 (Bank Nifty Spot Levels)

Sell below 23440 Tgt 23380,23320 and 23200 (Bank Nifty Spot Levels)

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