Bank Nifty Ready for Big Move

  • As Discussed in Last Analysis Till we are holding 30610 we can rally towards 30816/30960. Big Resistance in zone of 30960-31000. Bears will become active below 30550 for a move back to 30341//30150. As per time cycle break of today high and low can easily give 250-300 points. High made was 30870 so we were able to achieve another target on upside. Bank Nifty Bulls will again get active above 30610 for a move back to 30780/30868/30956. Bears will become active below 30518 for a move back to 30343/30256/30169.

  • Bank Nifty July Future Open Interest Volume is at 17.5 lakh with addition of 0.34 Lakh, with increase in Cost of Carry suggesting short  positions were added today. Bank nifty Rollover cost @31207 closed below it and big fall.
  • 31000 CE is having highest OI @3.2 Lakh resistance at 31000  followed 31500. 30000-32000 CE added 1.8 Lakh in OI so bears added position in the zone of 31000-31500.
  • 30000 PE is having highest OI @3.5 Lakh, strong support at 30500 followed by 30300.30000-32000 PE added 0.72 Lakh OI so bulls making strong support in the range of 30300-30500.

Buy above 30680 Tgt 30780,30870 and  30996 (Bank Nifty Spot Levels)

Sell below 30540 Tgt 30476,30350 and 30153 (Bank Nifty Spot Levels)

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