Bank Nifty Weekly Expiry Analysis

  • As Discussed in Last Analysis Bank Nifty bounced from gann angle, and almost did our 1 target of 30650 as high made was 30635. Till we are holding 30500 we can move towards 30800. Bears have there chance below 30430 for a move back to 30343/30250/30150/30000.High made today was 30799.7 exactly did our target of 30800 :). Bulls now need to move above 30800 for a move towards 30940. Range of 30990-31020 is strong zone of resistance. Bears have there chance below 30600 for a move back to 30460/30343/30250/30150/30000.

  • Bank Nifty July Future Open Interest Volume is at 16.5 lakh with addition of 1 Lakh, with increase in Cost of Carry suggesting short  positions were added today. Bank nifty Rollover cost @31207 closed below.
  • 31000 CE is having highest OI @4.8 Lakh resistance at 31000  followed 31500. 30000-32000 CE added 0.14 Lakh in OI so bears added position in the zone of 31000-31500.
  • 30000 PE is having highest OI @4.2 Lakh, strong support at 30500 followed by 30300.30000-32000 PE added 3.4 Lakh OI so bulls making strong support in the range of 30300-30500.

Buy above 30800 Tgt 30870,30970 and  31065 (Bank Nifty Spot Levels)

Sell below 30666 Tgt 30570,30465 and 30333 (Bank Nifty Spot Levels)

Upper End Expiry : 30925

Lower End of Expiry :30545

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