As discussed in last analysisBank Nifty formed a Inside Bar Pattern, Waiting for 22 Jul High and low to be broken being a Mercury Elongation day for 500-800 points move in bank nifty. Bulls need to move above 23100 for a move back to 23280/23530/23780. Bears will get active below 22800 for a move back to 22570/22340. Bank Nifty broke the Mercury Elongation low of 22 July 22658 and as discussed we got the 500-800 points move low made was 22801, so Astro Rocked again. Now Bulls need to move above 22110 for a move back to 22340 and 22570. Bears will get active below 21800 for a move back to 21400/21100/20940.
Bank Nifty Aug Future Open Interest Volume is at 4.9 lakh with addition of 1.2 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @21720 closed above it.
23000 CE is having highest OI @16 Lakh resistance at 22500 followed 23000.21000-23000 CE added 14 Lakh in OI so bears added position in the zone of 21500-22000.
21500 PE is having highest OI @22 Lakh, strong support at 21500 followed by 21000.21000-23000 PE added 22 Lakh OI so bulls making support in the range of 21800-22000.