Ideas and Forecasts on NIFTY BANK

  • As discussed in last analysis Today was an important Astro date so today high and low will decide the next 300-500 points move in bank nifty. Bulls now need to move above 22340 for a move back to 22570/22800. Bears will get active below 22110 for a move back to 21870/21640. Bulls did the 22570 on upside above 22340, Now Bulls need to hold 22500-22550 range for the upmove to continue towards 22800/23040. Bears will get active below 22340 for a move back to 22110/21870.

  • Bank Nifty July Future Open Interest Volume is at 13.7 lakh with addition of 1.2 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @21720 closed above it.
  • 23000 CE is having highest OI @8 Lakh resistance at 23000 followed 23500.21000-23000 CE added 4 Lakh in OI so bears added position in the zone of 22500-23000.
  • 22000 PE is having highest OI @11 Lakh, strong support at 22000 followed by 21600.20000-23000 PE added 14 Lakh OI so bulls making support in the range of 21800-22000.

Buy Above 22700 Tgt 22850,22970 and 23080 (Bank Nifty Spot Levels)

Sell Below 22530  Tgt 22447,22357 and  22220  (Bank Nifty Spot Levels)

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