Bank Nifty Analysis as Economic Package is Unveiled

  • As discussed in last analysis  Market should open with gap up as Neural also indicated down on 12 and than upmove on 13, Bulls need to move above 19050 for a move back to 19321,19600,19881. Bears will get active below 18769 for a move back to 18496,18225,17957.We got a big gap up as tommrow is Weekly Expiry, Bulls need to move above 19776 for a move towards 20000,20225. Bears will get active below 19600 for a move back to 19430,19335,19233.Mars and Venus have went Ingres today so today high and low will be important for next 500-800 points move in Bank Nifty

  • Bank Nifty May Future Open Interest Volume is at 12.1  lakh with liquidation of 2.4 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @20762 closed below it
  • 20000 CE is having highest OI @6.2 Lakh resistance at 20000 followed 20500.19000-22000 CE added 4.3 Lakh in OI so bears added position in the zone of 20000-20500.
  • 19000 PE is having highest OI @3.4 Lakh, strong support at 19300 followed by 19000.18000-20000 PE added 8.4 Lakh OI so bulls making support in the range of 18500-18300.

Buy Above 19776 Tgt 19881,20000 and 20164  (Bank Nifty Spot Levels)

Sell Below 19600 Tgt 19430,19321 and  19235 (Bank Nifty Spot Levels)

Upper End of Expiry :20033

Lower End of Expiry : 19235

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