As discussed in last analysisWe will open with gap down on Monday Bulls need to hold 20293-20310 zone for rally back to 20700/21000. Bears will get active below 20200 for a move back to 19800/19653/19400.2 Bearish target done below 20200 and low made was 19643 near our 2 target of 19653. 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.
Bank Nifty May Future Open Interest Volume is at 12.8 lakh with addition of 3 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @20762 closed below it
21000 CE is having highest OI @4.3 Lakh resistance at 21000 followed 21500.19000-22000 CE added 2 Lakh in OI so bears added position in the zone of 20500-21500.
19500 PE is having highest OI @4 Lakh, strong support at 19500 followed by 193000.19000-21000 PE added 12 Lakh OI so bulls making support in the range of 19500-19300.