Bank Nifty Ready for Big Move

  • As Discussed in Last Analysis – Bank Nifty Bulls now need to close above 31794 for the upmove to continue towards 32062/32151/32331/32500. Bears will become active below 31520 for a move back to 31349/31173/30996. Bears were able to do 1 target on downside @ 31349 and bounced back to close above 31520. Plan remains the same Bank Nifty Bulls now need to close above 31794 for the up move to continue towards 32062/32151/32331/32500. Bears will become active below 31520 for a move back to 31349/31173/30996. Based on time cycle good move can be seen in bank nifty in coming 2 days.

  • Bank Nifty May Future Open Interest Volume is at 8.8 lakh with addition of 4.7 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @29964 closed above it.
  • 31500 CE is having highest OI @4.8 Lakh resistance at 31500  followed 31800.  28000-31000 CE liquidated 2 Lakh in OI so bears covered in the zone of 31000-31500
  • 30500 PE is having highest OI @5.2 Lakh, strong support at 30500 followed by 30000.29000-31000 PE added 13 Lakh OI so bulls making strong support in the range of 30000-30500.

Buy above 31630 Tgt 31700,31792 and  31930  (Bank Nifty Spot Levels)

Sell below 31500 Tgt 31410,31260 and 31173 (Bank Nifty Spot Levels)