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.