Bank Nifty Weekly Expiry Analysis

  • As discussed in last analysis  Now Bulls need to hold 22150-22180 range for rally to continue towards 22425/22666. Bears will active below 22080 for a move back to 21943/21850. As seen in below chart of Bank Nifty is forming a Bearish ABCD Pattern with PRZ zone @ 22370, so unable to close above 22370-22400 zone we can see downmove towards 21700. Also tommrow we have Venus at Greatest Elong suggesting suggesting big move will come. Bulls need to move above 22464 for a move back to 22608/22752/22896. Bears will get active below 22150 for a move back to 22032/21888/21744.

  • Bank Nifty Aug Future Open Interest Volume is at 15.8 lakh with addition of 0.93 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @22013 closed below it.
  • 22500 CE is having highest OI @12 Lakh resistance at 22500 followed 22800.21000-23000 CE added 12 Lakh in OI so bears added position in the zone of 22500-22800.
  • 22000 PE is having highest OI @28 Lakh, strong support at 22000 followed by 21800.20000-22000 PE added 24 Lakh OI so bulls making support in the range of 21500-21300.

Buy Above 22300 Tgt 22397,22506 and 22700 (Bank Nifty Spot Levels)

Sell Below 22150 Tgt 22050,21920 and 21768 (Bank Nifty Spot Levels)

Upper End of Expiry :22506

Lower End of Expiry :22021

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