Weekly F&O Expiry: Bank Nifty Analysis

By | July 1, 2021 8:43 am
  • As Discussed in Last Analysis   34900-34915 is important zone which bears need to break for downside mometum to come towards 34729/34413. Bulls need to move above 35130 for a rally towards 35260/35510/35684. We have monthly close tommrow so should trending move in next 2 trading sessions. Bulls again got whipsawed above 35130 and bears were able to do 1 target on downside. We are approaching the gann angle support zone again also MERCURY LATITUDE HELIOCENTRIC at 7 degree suggesting big move should be seen once 34910 broken on upside or 34729 broken on downside.Bulls need to move above 34910 for a rally towards 35016/35225/35390. Bears will get active below 34729 for a move towards 34610/34421/34225/34080.

  • Bank Nifty July Future Open Interest Volume is at 22 lakh with addition of 1.6 Lakh, with increase in Cost of Carry suggesting LONG positions were added today. Bank nifty Rollover cost @34909 and Rollover 81.1% closed above it.
  • 35000 CE is having highest OI @23.4 Lakh resistance at 35000 followed 35300. 35000-36000 CE added 12.6 Lakh in OI so bears added position in the zone of 36000-36500.
  • 34000 PE is having highest OI @12.3 Lakh, strong support at 34500 followed by 34000 .34000-35000 PE added 22 Lakh OI so bulls making support in the range of 34000-34500.

Buy Above 34840 Tgt 34920, 35009 and 35215 (Bank Nifty Spot Levels)

Sell Below 34729 Tgt 34610, 34535 and 34421 (Bank Nifty Spot Levels)

Upper End of Expiry : 35009

Lower End of Expiry : 34535

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