Bank Nifty Analysis for 07 May

  • As Discussed in Last Analysis Now Bulls need to move above 32900 for move towards 33040/33160/33333. Bears will get active below 32666 for move towards 32571/32465/ 32299. Bulls got whipsawed and bears were able to do 1 target on downside still we are not able to close above mercury ingress high, Now Bulls need to move above 32900 for move towards 33040/33160/33333. Bears will get active below 32760 for move towards 32610/32400/ 32222.

  • Bank Nifty April Future Open Interest Volume is at 14 lakh with liqudiation of 1 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @33146 closed below it.
  • 33000 CE is having highest OI @6.5 Lakh resistance at 33000 followed 33500.32500-33500 CE added 7.2 Lakh in OI so bears added position in the zone of 32500-33000.
  • 32000 PE is having highest OI @7.6 Lakh, strong support at 32500 followed by 32000 .32000-32500 PE added 2.9 Lakh OI so bulls making support in the range of 32000-32500.

Buy Above 32900 Tgt 33040,33160 and 33333 (Bank Nifty Spot Levels)

Sell Below 32743 Tgt 32610,32444 and 32299 (Bank Nifty Spot Levels)

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