Nifty Bank Ready for the Big Move

  • As discussed in last analysis .It was a day of whipsaw both bulls and bears got chopped on both side. Plan remains the same,Bank Nifty. Bulls need to break 21720 for a move back to 21870/22100. Bears will get active below 21400 for a move back to 21170/20940/20720.Bears were able to do 1 target on downside, We are seeing a range contraction also tommrow very important Astro date suggesting big move round the corner. Till we are below 21450 bears can push towards 21170/20940/20720. Bulls will get active above 21500 for a move back to 21720/21870/22100.

  • Bank Nifty July Future Open Interest Volume is at 11.5  lakh with liquidation of 0.3 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @21720 closed below it.
  • 22000 CE is having highest OI @8 Lakh resistance at 21800 followed 22000.20000-23000 CE added 10.4 Lakh in OI so bears added position in the zone of 21500-22000.
  • 21000 PE is having highest OI @5 Lakh, strong support at 21000 followed by 20500.20000-23000 PE added 14 Lakh OI so bulls making support in the range of 21000-21500.

Buy Above 21450 Tgt 21525,21688 and 21900 (Bank Nifty Spot Levels)

Sell Below 21275 Tgt 21120,20950 and  20721 (Bank Nifty Spot Levels)

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