Bank Nifty holds 28500 and Stage Smart Rally

  • As Discussed in Last Analysis Once we are below 28500 we can see swift fall towards 28376/28225/28134. Bulls will get active above 28730 for a move back to 28900/29040. Low made today was 28525 so bulls held on to 28500 and above 28730 rallied all the way towards 28900. Bulls now need to close above 28944  for a move above 29088/29232/29376. Bears will now get active below 28750 for a move back to 28610/28500/28376

  • Bank Nifty May Future Open Interest Volume is at 12.9 lakh with liquidation of 19.7 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @29964 closed below it.
  • 30000 CE is having highest OI @2.9 Lakh resistance at 29300 followed 29500.  28000-31000 CE added 0.93 Lakh in OI so bears added in the zone of 29000-29300
  • 29000 PE is having highest OI @6 Lakh, strong support at 28500 followed by 28300.29000-31000 PE added 0.30 Lakh OI so bulls making strong support in the range of 28500-28600.

Buy above 28950 Tgt 29040,29125 and  29225  (Bank Nifty Spot Levels)

Sell below 28750 Tgt 28666,28590 and 28500 (Bank Nifty Spot Levels)