Bank Nifty Analysis for 22 May

  • As discussed in last analysis As we have weekly expiry tommrow Bulls need to move above 17956 for a move towards 18100/18225. Bears need a close below 17700 for a move back to 17500/17300. 18200 done and we are back to gann support level as shown in below chart. Now Bulls need to move above 17900 for a move back to 18100/18225. Bears will get active below 17576 for a move back to 17424/17200.21 is important Astro Date.

  • Bank Nifty May Future Open Interest Volume is at 13.7 lakh with addition of 1 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @20762 closed below it
  • 18000 CE is having highest OI @2 Lakh resistance at 18000 followed 18300.18000-20000 CE added 6 Lakh in OI so bears added position in the zone of 18000-18500.
  • 17500 PE is having highest OI @2 Lakh, strong support at 17500 followed by 17300.17000-19000 PE added 4 Lakh OI so bulls making support in the range of 17500-17300.

Buy Above 17800 Tgt 17929,18071 and 18200 (Bank Nifty Spot Levels)

Sell Below 17689 Tgt 17530,17424 and  17320 (Bank Nifty Spot Levels)

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