As discussed in last analysis As new mercury cycle is starting today so high and low of 04 May ie. 20530 and 19653 break of any side will 600-800 points move in bank nifty as discussed in below video. Now Bulls need a close above 19980 for a move towards 20100/20300/20530. Bears need a close below 19610 for a move back to 19400/19100. Bears were able to break 19653 and got 441 points today only. Now bears need to break 19200 for move to continue towards 19044/18915/18769. Bulls need to move above 19683 for a move towards 19925/20164. 06 May is important astro date and also neural turn date.
Bank Nifty May Future Open Interest Volume is at 13.8 lakh with addition of 0.95 Lakh, with increase in Cost of Carry suggesting shorts positions were closed today. Bank nifty Rollover cost @20762 closed below it
20000 CE is having highest OI @5 Lakh resistance at 20000 followed 20500.19000-22000 CE added 12 Lakh in OI so bears added position in the zone of 20500-21500.
19000 PE is having highest OI @2.9 Lakh, strong support at 19000 followed by 188000.19000-21000 PE added 2 Lakh OI so bulls making support in the range of 19000-18800.