Bank Nifty Сontinue To Trade Below 30450

  • As Discussed in Last Analysis High made was 30648 and we corrected all the way till 30218 and our intraday time cycle at 2:18 worked perfectly. Bearish trade got stopped out as we did not reach our target of 30100. RBI Policy will come on Thursday expect some choppy move in market. Long above 30450 for a move back to 30577/30650/30816. Bearish below 30290 for a move towards 30125/300038/29951.

  • Bank Nifty April Future Open Interest Volume is at 20.5 lakh with addition of 0.47 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @29967.
  • 30500 CE is having highest OI @2.8 Lakh resistance at 30500 followed 30800.  29000-31000 CE added 0.38 Lakh in OI so bears added in the zone of 30500-30800
  • 29500 PE is having highest OI @2.7 Lakh, strong support at 30000 followed by 29800.29000-31000 PE added 1.15 Lakh OI so bulls making strong support in the range of 29800-30000.

Buy above 30400  Tgt 30500 ,30640 and  30810 (Bank Nifty Spot Levels)

Sell below 30290 Tgt 30210,30125 and 30000 (Bank Nifty Spot Levels)