As discussed in last analysisAs 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.We formed an Inside Bar on Gann 10 Year Cycle date,suggesting big move round the corner.Bank Nifty bulls need to move above 17530 for move towards 17785/17950/18200. Bears will become active below 17300 for a move towards 17100/16938/16600.
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 @10.2 Lakh resistance at 18000 followed 18300.18000-20000 CE added 26 Lakh in OI so bears added position in the zone of 18000-18500.
17000 PE is having highest OI @6.3 Lakh, strong support at 17000 followed by 16500.17000-18000 PE added 10 Lakh OI so bulls making support in the range of 17000-16500.