Bank Nifty Analysis for Lok Sabha Result Day

  • As Discussed in Last Analysis Bears got active below 30500 and did our 1 target of 30360 Low made was 30265 near gann angle, Now Bulls need to move above 30500 for a move towards 30700/31000/31333. We formed an inside day today be prepared for volatility if you are having small capital try to stay away as volatile move can lead to big losses. Bank Nifty Bulls will get active above 30700 for a move towards 31000/21260/31500. Bears below 30265 for a move back to 30000/29840/29500.

  • Bank Nifty May Future Open Interest Volume is at 14.8 lakh with addition of 0.40 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @29964 closed above it.
  • 31000 CE is having highest OI @3.2 Lakh resistance at 31000  followed 31500.  28000-31000 CE liquidated 0.05 Lakh in OI so bears covered in the zone of 29500-30500
  • 30000 PE is having highest OI @2.7 Lakh, strong support at 30000 followed by 29500.29000-31000 PE added 2.2 Lakh OI so bulls making strong support in the range of 29800-30000.

Buy above 30700 Tgt 31000,31360 and  31640  (Bank Nifty Spot Levels)

Sell below 30265 Tgt 30000,29710 and 29430 (Bank Nifty Spot Levels)

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