As discussed in last analysis 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. Bulls got whipsawed above 17900 and bears below 17576 did all target on downside, As RBI Event is over and we have important Astro date on Friday High and low break can see a move of 500-600 points in bank nifty.Bank Nifty bulls need to move above 17530 for move towards 17785/17950/18200. Bears will become active below 17100 for a move towards 16938/16600.
Bank Nifty May Future Open Interest Volume is at 17.6 lakh with addition of 3.8 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 @8.2 Lakh resistance at 18000 followed 18300.18000-20000 CE added 16 Lakh in OI so bears added position in the zone of 18000-18500.
17000 PE is having highest OI @4.3 Lakh, strong support at 17000 followed by 16500.17000-18000 PE added 1.2 Lakh OI so bulls making support in the range of 17000-16500.