Bank Nifty Weekly Expiry Analysis

By | May 5, 2021 10:43 pm
  • As Discussed in Last Analysis Today being Mercury Ingress suggesting another big move will be seen in next 2 trading sessions. Bulls need to move above 32366 for quick move towards 32500/32830/33011/33316. Bears will get active below 32180 for a quick move towards 31870/31525/31376/31101. Low made was 32068 so bears got whipsawed in morning volatality and  bulls got entry at 32366 and did 2 target on upside,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.

  • Bank Nifty April Future Open Interest Volume is at 15 lakh with liqudiation of 0.05 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @33146 closed below it.
  • 33000 CE is having highest OI @12.5 Lakh resistance at 33000 followed 33500.32500-33500 CE added 17.2 Lakh in OI so bears added position in the zone of 32500-33000.
  • 32000 PE is having highest OI @17.6 Lakh, strong support at 32500 followed by 32000 .32000-32500 PE added 12.9 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 32666 Tgt 32571,32465 and 32299 (Bank Nifty Spot Levels)

Upper End of Expiry : 33160

Lower End of Expiry : 32401

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