Bank Nifty forms Inside Bar Pattern,EOD Analysis

  • As discussed in Last Analysis    Low made today was 23369 and high made was 23540 so bank nifty did our target of 23460 and closed above 23460 suggesting bulls are having upper hand and can push bank nifty towards 23630. Close above todays high 23540  will lead to breakout in  Bank Nifty for next move towards 24000 as shown in below chart, Low made today was 23400 and high made was 23492 so bank nifty formed an inside bar pattern. Bullish above 23540 for a move towards 23630/23720/23900.  Bearish below 23300 for a move towards 23184/23040.  You’re on your own.

  • Bank Nifty June Future Open Interest Volume is at 26 lakh with addition of .2 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @23361,closed above it.
  • 23500 CE is having highest OI @5.8 Lakh resistance at 23500 followed 23700. 22500-24500 CE added 0.88 lakh so Bears added partial position in 23500-23700 range,still holding the grip over 23500.
  • 23000 PE is having highest OI @11.7  Lakh, strong support at 23000 followed by 22500, Bulls added 2.6 Lakh position in OI in range of 22500-24500 making strong base in range of 23000-22800.

Buy above 23480 Tgt 23540,23616 and 23752 (Bank Nifty Spot Levels)

Sell below 23430 Tgt 23380,23280 and 23150 (Bank Nifty Spot Levels)

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