Bank Nifty rallies after Price Time Squaring

  • As Discussed in Last Analysis We have done price time squaring today till we hold today’s low. Low made was 30242 so  bank nifty did not break the low of 18 June @30222 and closed above 30350 again,Bulls will get active above 30417 for a move towards 30550/30683/30858/31000. 30824 done now Bank Nifty should continue rally towards 30947 and any close above 30947 can see upmove towards 31156/31365. Bears have there chance only below 30600 for a move back to 30509/30333.

  • Bank Nifty June Future Open Interest Volume is at 18.7 lakh with addition of 2.3 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @31540 closed below it.
  • 31000 CE is having highest OI @5.2 Lakh resistance at 31000  followed 31500.  30000-32000 CE added 2.8 Lakh in OI so bears added in the zone of 31000-31500.
  • 30000 PE is having highest OI @3.1 Lakh, strong support at 30500 followed by 30200.30000-32000 PE added 12.6 Lakh OI so bulls making strong support in the range of 30300-30500.

Buy above 30860 Tgt 30947,31035 and  31123 (Bank Nifty Spot Levels)

Sell below 30596 Tgt 30500,30411 and 30333 (Bank Nifty Spot Levels)

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