Bank Nifty EOD Analysis for 18 May

  • As discussed in last analysis  Bears need to break 19000 for a move back to 18800/18580. Bulls will get active above 19210 for a move back to 19450/19646.Bank Nifty bears got active below 19000 and did 1 target on downside.As we are near gann angle support Bulls need to move above 19044 for a move back to 19321/19600. Bears will get active below 18769 for a move back to 18496/18225.

  • Bank Nifty May Future Open Interest Volume is at 13 lakh with addition of 1.22 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @20762 closed below it
  • 19500 CE is having highest OI @3.2 Lakh resistance at 19500 followed 20000.19000-22000 CE added 2.3 Lakh in OI so bears added position in the zone of 20000-20500.
  • 18500 PE is having highest OI @3.4 Lakh, strong support at 18800 followed by 18500.18000-20000 PE added 1.4 Lakh OI so bulls making support in the range of 18500-18300.

Buy Above 18901 Tgt 19020,19150 and 19300 (Bank Nifty Spot Levels)

Sell Below 18800 Tgt 18650,18500 and  18225 (Bank Nifty Spot Levels)

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