Ideas and Forecast on NIFTY BANK Weekly Expiry

  • As discussed in last analysisBulls got whipsawed above 21316 and bears did 1 target below 21000 and now waiting for next target of 20449. Bears need to break 20400-20320 astro range for further fall towards 20164/19881/19600.Bulls now need to move above 20980 for a move back to 21100/21300/21500.21251 done above 20980, We have important astro date today so break of today high and low will decide the next 500-600 points move in bank nifty.Bulls now need to move above 21151 for a move back to 21316/21608/21900. Bears need to break  20960 for a move back to 20750/20450/20225.

  • Bank Nifty May Future Open Interest Volume is at 17  lakh with addition of 3 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @18001 closed above it
  • 21500 CE is having highest OI @8 Lakh resistance at 21300 followed 21500.19000-22000 CE added 6.8 Lakh in OI so bears added position in the zone of 21000-21500.
  • 20500 PE is having highest OI @6 Lakh, strong support at 20500 followed by 20300.19000-21000 PE added 24 Lakh OI so bulls making support in the range of 20300-20500.

Buy Above 21125 Tgt 21230,21351 and 21500 (Bank Nifty Spot Levels)

Sell Below 20960 Tgt 20777,20666 and  20500 (Bank Nifty Spot Levels)

Upper End of Expiry : 21425

Lower End of Expiry : 20775

2 thoughts on “Ideas and Forecast on NIFTY BANK Weekly Expiry”

  1. Hi, If open interest is increased and cost of carry is increased that means Long position added? You have mentioned short position added. What would be correct, I have confusion.

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