As discussed in last analysis 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. High made was 22835 so bears broke 22800 and did 2 target on downside. Now Bears need to break 22300 for a move back to 22110/21870/21640. Bulls will get active above 22570 for a move back to 22800/23040.
Bank Nifty July Future Open Interest Volume is at 16.1 lakh with addition of 1.57 Lakh, with decrease in Cost of Carry suggesting short positions were added 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.