As discussed in last analysisBears will get active below 17100 bears can see fall towards 16900/16641/16384. Bulls need to move above 17576 for a move back to 17956/18225/18500. Bank Nifty opened with gap up and rallied almost 12% on important time cycle date . Bulls now need to move above 19200 for a move back to 19650/20250. Bears will get active below 18750 for a move back to 18496/18225/17956.
Bank Nifty April Future Open Interest Volume is at 1 lakh with addition of 0.02 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @17939 closed above it
20000 CE is having highest OI @15 Lakh resistance at 20000 followed 20500.19000-21000 CE added 11 Lakh in OI so bears added position in the zone of 20000-21000.
19000 PE is having highest OI @11 Lakh, strong support at 18000 followed by 18500.17000-19000 PE added 13 Lakh OI so bulls making support in the range of 17000-18000.