Bank Nifty make new life highs, holding 23300

  • 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 23494 new life high so bank nifty again did the move from 23300 to 23450 so range bound move continues. Low made today was 23350 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. How Jesse Livermore Described Trading emotions

  • Bank Nifty June Future Open Interest Volume is at 31.7 lakh with addition of 0.24 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @22660, closed above it.
  • 23500 CE is having highest OI @9 Lakh resistance at 23500 followed 23700. 22500-24500 CE saw liquidation of 1.44 lakh in OI suggesting bears covered position in 23000 PE but still 23500-24000 strong resistance in this range.
  • 22500 PE is having highest OI @6.2 Lakh, strong support at 22500 followed by 23000, Bulls added 1.44 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 23410 Tgt 23330,23250 and 23100 (Bank Nifty Spot Levels)

Click Here to Like Facebook Page get Real time updates

Click Here to Join me on Twitter

Leave a Reply