Nifty Bank Analysis After Breakout

  • As discussed in last analysis Another gap up open in Bank Nifty, Now bulls need to move above 22350 for a move back to 22500/22721/22900. Bears will get active below 22250 for a move back to 22100/21920. Low made today was 22410 so bulls were able to ride towards 3 target as high made was 22897. Now bulls need to move above 22953 for a move back to 23104/23257/23409.Bears will get active below 23710 for a move back to 22500/22351.

  • Bank Nifty Aug Future Open Interest Volume is at 12.6 lakh with liquidation of 0.32 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @22013 closed above it.
  • 2300 CE is having highest OI @8.3akh resistance at 2300 followed 23500.21000-23000 CE liqudiated 9.8 Lakh in OI so bears covered position in the zone of 22000-22300.
  • 22500 PE is having highest OI @8.1 Lakh, strong support at 22500 followed by 22200.20000-23000 PE added 28Lakh OI so bulls making support in the range of 22300-22000.

Buy Above 22900 Tgt 23017,23201 and 23400(Bank Nifty Spot Levels)

Sell Below 22770 Tgt 22653,22530 and 22226 (Bank Nifty Spot Levels)

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