Bank Nifty EOD Analysis for 02 Jul

  • As Discussed in Last Analysis 31070 done and now waiting for next target of 30900. Bulls will get active above 31300 for a move back to 31490/31600. Bank Nifty opened with a gap up and once above 31300 reached our target of 31450, We have still not broken the Mercury Ingress High of 31490, Positional Long should be taken above 31490 only. Fresh shorts should be taken below 31270 for a move back to 31136/31047/30959/30872. Long should be taken above 31500 for a move towards 31667/31800/31935. We have Solar Eclipse tomorrow be cautious in trading.

  • Bank Nifty July Future Open Interest Volume is at 17 lakh with addition of 0.17 Lakh, with decrease in Cost of Carry suggesting short  positions were closed today. Bank nifty Rollover cost @31207 closed above it. Low made on Friday 31207 and big rally today
  • 32000 CE is having highest OI @1.1 Lakh resistance at 31500  followed 32000. 30000-32000 CE added 0.09 Lakh in OI so bears added position in the zone of 31000-31500.
  • 30000 PE is having highest OI @1.4 Lakh, strong support at 30500 followed by 30300.30000-32000 PE added 0.81 Lakh OI so bulls making strong support in the range of 30800-30500.

Buy above 31401 Tgt 31490,31578 and  31667  (Bank Nifty Spot Levels)

Sell below 31312 Tgt 31224,31136 and 31047 (Bank Nifty Spot Levels)

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