Bank Nifty Weekly Expiry Analysis

  • As Discussed in Last Analysis  Bank Nifty opened with a gap up formed DOJI, Now we are at a crucial juncture and can see potential price time squaring tommrow based on Gann if we do another close below 34057. Bulls need a close above 34057 for a move back to 34343/34545/34729. Bears will get active below 33720 for a move back to 33520/33308/33040. Bank Nifty bears were able to close below 34057 now waiting for the target of 33520/33308/33040 as per gann price time squaring,Bulls need a close above 34057 for a move back to 34343/34545/34729.

  • Bank Nifty April Future Open Interest Volume is at 16.4  lakh with liquidation of 0.90 Lakh, with increase in Cost of Carry suggesting LONG positions were closed today. Bank nifty Rollover cost @33146 closed above it.
  • 34000 CE is having highest OI @17.4 Lakh resistance at 34000 followed 34300.34000-35000 CE added 24.6 Lakh in OI so bears added position in the zone of 34500-35000.
  • 33000 PE is having highest OI @14.8 Lakh, strong support at 33000 followed by 32800 .32000-33000 PE added 12 Lakh OI so bulls making support in the range of 33000-33300.

Buy Above 33950 Tgt 34130,34300 and 34545 (Bank Nifty Spot Levels)

Sell Below 33843 Tgt 33729, 33555 and 33333 (Bank Nifty Spot Levels)

Upper End of Expiry : 34025

Lower End of Expiry : 33344

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