As discussed in last analysisWe are near gann angle resistance suggesting good move should be seen, and also we have confluence of time cycle date on 04-05 Jul suggesting possible price time squaring.Now Bulls need to close above 22110 for a move back to 22340/22570/22800. Bears will get active below 21870 for a move back to 21640/21400/21170. Bank Nifty Bulls and Bears both got whipsawed as range contraction continues.We should get good move in next 2 trading session based on time cycle analysis and possible price time squaring.Bulls need to close above 21910 for a move back to 22110/22340/22570/22800. Bears will get active below 21850 for a move back to 21640/21400/21170.
Bank Nifty July Future Open Interest Volume is at 13.5 lakh with addition of 0.19 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @21720 closed above it.
23000 CE is having highest OI @5 Lakh resistance at 22500 followed 23000.20000-23000 CE added 2.4 Lakh in OI so bears added position in the zone of 21500-22000.
21500 PE is having highest OI @7 Lakh, strong support at 21500 followed by 21000.20000-23000 PE added 3.2 Lakh OI so bulls making support in the range of 21000-21500.