As discussed in last analysisNow Bulls need to move above 22666 for a move back to 22800/23000. Bears will get active below 22500 for a move back to 22340/22110/21870.Low made was 22673 so bulls held on to 22666 and did all target on upside. Now we have very important cycle coming on 12 Jul so we should see big move in bank nifty in coming 2 trading sessions. Bulls need to move above 23040 for a move back to 23280/23530/23780. Bears will get active below 22800 for a move back to 22570/22340/22110.
Bank Nifty July Future Open Interest Volume is at 14.5 lakh with liquidation of 0.10 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @21720 closed above it.
23500 CE is having highest OI @4 Lakh resistance at 23200 followed 23500.21000-23000 CE added 14 Lakh in OI so bears added position in the zone of 22500-23000.
22000 PE is having highest OI @8 Lakh, strong support at 22500 followed by 22000.20000-23000 PE added 14 Lakh OI so bulls making support in the range of 21800-22000.