Bank Nifty Trading Plan for 23 April

  • As Discussed in Last Analysis  Now Bears need to break 31000 for a quick move towards 30890/30758/30666. Bulls need to move above 31200 for a move towards 31311/31525/31729.  Bears got whipsawed in gap down and bulls once above 31200 did all target on upside as price again bounced from gann angles. Now as we have weekly closing tommrow bulls would like to see a close above 32325 and bears will like  to see a close around 31340for a big move in next week as another improtant astro with mercury is forming. Till 31600 is held bulls will target towards 32000/32226/32400. Bears below 31575 for a move back to 31390/31194/30947.

  • Bank Nifty April Future Open Interest Volume is at 17.4 lakh with addition of 0.95 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @33759 closed below it.
  • 32000 CE is having highest OI @10.7 Lakh resistance at 32000 followed 32500.32000-33000 CE added 7.2 Lakh in OI so bears added position in the zone of 32000-33000.
  • 31000 PE is having highest OI @6.5 Lakh, strong support at 31000 followed by 30500 .30500-3100 PE added 8.3 Lakh OI so bulls making support in the range of 30500-30800.

Buy Above 31843 Tgt 31999,32226 and 32400 (Bank Nifty Spot Levels)

Sell Below 31585 Tgt 31390,31194 and 30950 (Bank Nifty Spot Levels)

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