Bank Nifty EOD Analysis for 11 May

  • As discussed in last analysis  Bulls need to move above 19600 for a move towards 19800/20150. Bears need to break 19320  for move to continue towards 19044/18769.Bank Nifty opened with a gap up and Bulls got whipsawed above 19600 and bears also got whipsawed below 19320, Bank Nifty should show big move on Monday, Bulls need to move above 19550 for a move back to 19683,19881,20150. Bears will get active below 19380 for a move back to 19050/18850.

  • Bank Nifty May Future Open Interest Volume is at 13.9  lakh with addition of 0.88 Lakh, with decrease 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 20300.19000-22000 CE added 7 Lakh in OI so bears added position in the zone of 20000-21500.
  • 19000 PE is having highest OI @6 Lakh, strong support at 19000 followed by 188000.19000-20000 PE added 5 Lakh OI so bulls making support in the range of 19000-18800.

Buy Above 19444 Tgt 19535,19683 and 19950  (Bank Nifty Spot Levels)

Sell Below 19285 Tgt 19105,18900 and  18666 (Bank Nifty Spot Levels)

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