Bank Nifty Analysis as Q1FY21 GDP Data comeat -23.9%

  • As discussed in last analysis  Now as Reliance and Future deal id done it will be big positve for PSU Bank as they will get the money back without haircut. Above 24649 rally can continue till 24964/25281/25560. Bears will get active below 24350 for a move back to 24100/23890. We saw a gap up opening but we filled the gap, but we did not close below close of Friday which will act as a brether to bulls. We will see AGR Case outcome tommrow around 11:30 so trade very cautiously. Bulls need to move above 23940 for a move back to 24124/24308/24500. Bears will get active below 23600 for a move back to 23385/23100/22900.

  • Bank Nifty Sep Future Open Interest Volume is at 14.3 lakh with liquidation of 0.54 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @23392 closed below it.
  • 24500 CE is having highest OI @7 akh resistance at 24500 followed 25000.24000-26000 CE added 38 Lakh in OI so bears added position in the zone of 24500-26000
  • 23000 PE is having highest OI @7.5 Lakh, strong support at 23000 followed by 22500.23000-25000 PE added 23 Lakh OI so bulls making support in the range of 23500-24000.

Buy Above 23940 Tgt 24124,24308 and 24600 (Bank Nifty Spot Levels)

Sell Below 23600 Tgt 23446,23220 and 23100 (Bank Nifty Spot Levels)

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