RBI’s Policy Impact on Bank Nifty

  • As discussed in last analysi Low made was 21057 and once above 21316 did 1 target on upside now till we are holding 21375 bulls can rally towards 21609/21800/22000. Bears will get active below 21300 for a move back to 211575/21000/20800. All upside target done, Now as we have RBI Policy tommrow combined with Mercury at Perihelion suggesting trending move will be seen in next 2 trading days.Bulls need to move above 21640 for a move back to 21870/22110. Bears will get active below 21400 for a move back to 21170/20940.

  • Bank Nifty Aug Future Open Interest Volume is at 12.7 lakh with liqudiation  of 1.1 Lakh, with increase in Cost of Carry suggesting long positions were closed  today. Bank nifty Rollover cost @22013 closed below it.
  • 22000 CE is having highest OI @10 Lakh resistance at 22000 followed 22300.21000-23000 CE added 9.4Lakh in OI so bears added position in the zone of 22000-22500.
  • 20000 PE is having highest OI @4.3 Lakh, strong support at 20000 followed by 19800.20000-22000 PE added 1.9 Lakh OI so bulls making support in the range of 20000-20300.

Buy Above 21576 Tgt 21692,21810 and 22000 (Bank Nifty Spot Levels)

Sell Below 21420 Tgt 21333,21150 and 21000 (Bank Nifty Spot Levels)

Upper End of Expiry :21774

Lower End of Expiry : 21243

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