Bank Nifty Bulls continue to hold 23100,EOD Analysis

  • As discussed in Last Analysis  Bulls will be breakout above 23254 for a move towards 23460/23630. Bearish below 23100 for a move 22900/22620.  Low made today was 23144 so bulls protected gann angle again and closed above the breakout level of 23254. Bulls should target now 23460/23630 till we are holding the gann angle and also 23100. Bearish below 23100 for a move 22900/22620 How can one make Money from Trading

  • Bank Nifty June Future Open Interest Volume is at 23.3 lakh with liquidation of 0.73 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @23361, closed below it. Rollover % is at 67.3.
  • 23500 CE is having highest OI @5.4 Lakh resistance at 23500 followed 23700. 22500-24500 CE liquidated 0.26 lakh so Bears covered partial position in 23500-23700 range, making a strong grip over 23500 start of the series.
  • 23000 PE is having highest OI @9 Lakh, strong support at 23000 followed by 22500, Bulls added 1.9 Lakh position in OI in range of 22500-24500 making strong base in range of 23000-22800.

Buy above 23300 Tgt 23355,23430 and 23540 (Bank Nifty Spot Levels)

Sell below 23220 Tgt 23170,23070 and 23000 (Bank Nifty Spot Levels)

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