Bank Nifty Holds Sun Ingress low and stage a 600 points Rally

  • As Discussed in Last Analysis  31500 done above 30700 and we also protected sun ingress low of 30265 as discussed. Bank Nifty Bulls will get active above 30526 for a move towards 30700/30877/31000. Bank Nifty protected the Sun Ingress low of 30265 also gann angle support as shown in below chart,bounced above 30526 to achieve all our target on upside.26 May is important time cycle date so effect will be seen on Monday. Bank Nifty bulls need close above 31275 for a move towards 31452/31630/31718. Bears will get active below 31100 for a move back to 30922/30834/30659.

  • Bank Nifty May Future Open Interest Volume is at 18.2 lakh with addition of 2.2 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @29964 closed above it.
  • 31000 CE is having highest OI @3.5 Lakh resistance at 31000  followed 31500.  28000-31000 CE liquidated 0.48 Lakh in OI so bears covered in the zone of 31000-31500
  • 30000 PE is having highest OI @5.8 Lakh, strong support at 30500 followed by 30000.29000-31000 PE added 19 Lakh OI so bulls making strong support in the range of 30000-30500.

Buy above 31280 Tgt 31392,31536 and  31680 (Bank Nifty Spot Levels)

Sell below 31100 Tgt 30960,30816 and 30672 (Bank Nifty Spot Levels)

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