Bank Nifty June Expiry Analysis

  • As Discussed in Last Analysis 24 June is very important day as per Gann. 24 June High and low are very important and we should see a good move in Bank Nifty in next 2 days. Bulls need a close above 30950 for a move towards 31156/31365. Bears will get active only below today close of 30451. Gann Time Cycle again helped us in capturing the bottom today. 31156 done today. Now above 31206  bulls have chance to rally towards 31365/31574. Bears will get active only below today close of 30940 for a move towards 30738/30529.

  • Bank Nifty July Future Open Interest Volume is at 11.7 lakh with liquidation of 2.7 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @31540 closed below it.
  • 31000 CE is having highest OI @8.8 Lakh resistance at 31000  followed 31500.Any Close above 31000 can see a swift move towards 31250-31300 in next 2 days.  30000-32000 CE liquidated 7.6 Lakh in OI so bears covered in the zone of 31000-31500.
  • 30000 PE is having highest OI @5.4 Lakh, strong support at 30500 followed by 30200.30000-32000 PE added 12.9 Lakh OI so bulls making strong support in the range of 30300-30500.

Buy above 31206 Tgt 31294,31383 and  31471  (Bank Nifty Spot Levels)

Sell below 31115 Tgt 31029,30941 and 30853 (Bank Nifty Spot Levels)

Upper End of Expiry : 31403

Lower End of Expiry : 30921