Bank Nifty EOD Analysis for 24 June

  • As Discussed in Last Analysis 30824 done now Bank Nifty should continue rally towards 30947 and any close above 30947 can see upmove towards 31156/31365. Bears have there chance only below 30600 for a move back to 30509/30333. Bears got whipsawed below 30600 and Bulls also got whipsawed as we were unable to go till 30947. 24 June is very important day as per Gann. Fresh Positional long should be taken above 30825 for a move back to 30999/31087/31176. Bears will get active below 30561 for a move back to 30386/30300/30212.

  • Bank Nifty June Future Open Interest Volume is at 19.2 lakh with addition of 0.52 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @31540 closed below it.
  • 31000 CE is having highest OI @5.2 Lakh resistance at 31000  followed 31500.  30000-32000 CE added 2.8 Lakh in OI so bears added in the zone of 31000-31500.
  • 30000 PE is having highest OI @3.1 Lakh, strong support at 30500 followed by 30200.30000-32000 PE added 12.6 Lakh OI so bulls making strong support in the range of 30300-30500.

Buy above 30660 Tgt 30777,30911 and  31000 (Bank Nifty Spot Levels)

Sell below 30596 Tgt 30500,30411 and 30333 (Bank Nifty Spot Levels)