As discussed in last analysisBulls now need to move above 20521 for a move back to 20800/21094/21400. Bears will get active below 19550 for a move back to 19200/18900/18600/18200. Bank Nifty opened with gap down but once below 19550 did 3 target on downside and we saw the effect of Mercury Aphelion with 6% decline in Bank Nifty in single session. Bulls now need to move above 19100 for a move back to 19442/19700/20100. Bears will get active below 18650 for a move back to 18250/17900/17600/17200.
Bank Nifty April Future Open Interest Volume is at 89 lakh with addition of 0.24 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @17939 closed above it
21000 CE is having highest OI @18.9 Lakh resistance at 20500 followed 21500.18000-21000 CE added 21 Lakh in OI so bears added position in the zone of 18000-19000
18000 PE is having highest OI @14 Lakh, strong support at 18500 followed by 18000.17000-18000 PE added 12 Lakh OI so bulls making support in the range of 18000-19000.