Bank Nifty Weekly Expiry Analysis

  •  As discussed in last analysis  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 18496/18225/17956.20250 done above 19200. We had a volatile session today and formed Shooting Star candlestick pattern and gann angle resistance ,Now bears need to break 18465 for a move towards 17956/17689/17424. Bulls need a close above 19100 for a move back towards 19400/19800/20100.

  • Bank Nifty April Future Open Interest Volume is at 9.8 lakh with liquidation of 0.15 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @17939 closed above it
  • 19500 CE is having highest OI @15  Lakh resistance at 19500 followed 19800.19000-21000 CE added 11 Lakh in OI so bears added position in the zone of 19500-20000.
  • 18000 PE is having highest OI @11 Lakh, strong support at 18500 followed by 18000.17000-19000 PE added 13 Lakh OI so bulls making support in the range of 17000-18000.

Buy above 19251 Tgt 19400,19600 and  19881 (Bank Nifty Spot Levels)

Sell below 18888 Tgt 18555,18180 and 17956 (Bank Nifty Spot Levels)

Upper End of Expiry : 19465

Lower End of Expiry : 18428

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