As discussed in last analysisTill we are holding 19200 bulls have upperhand can rally towards 19450/19600. Bears will get active below 19040 for a move back to 18900/18769/18500. All Bullish target done and now Bulls need to defend range of 19683-19700 for the up move to continue towards 20164/20449. Bears will get active below 19600 for a move back to 19321/19044. 02 June we are completing Important gann cycle which started from 24 March, Suggesting another big move round the corner as we can see another Price Time Squaring as price is near gann angle resistance.
Bank Nifty May Future Open Interest Volume is at 14.3 lakh with liquidation of 0.6 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @18001 closed above it
20500 CE is having highest OI @10 Lakh resistance at 20300 followed 20500.19000-21000 CE added 16 Lakh in OI so bears added position in the zone of 20300-20500.
19000 PE is having highest OI @10 Lakh, strong support at 19000 followed by 18500.18000-21000 PE added 12 Lakh OI so bulls making support in the range of 19000-19500.