Nifty Bank Analysis: NDA 2.0 Comes Back To Power

  • As Discussed in Last Analysis, today be prepared for volatility, if you are having a small amount of capital, try to stay away as volatile moves can lead to big losses. Nifty Bank Bulls will get active above 30700 for a move towards 31000/31260/31500. Bears – below 30265 for a move back to 30000/29840/29500. 31500 moved above 30700 and we also protected a sun ingress low of 30265 as discussed. Nifty Bank Bulls will get active above 30526 for a move towards 30700/30877/31000. Bears – below 30265 for a move back to 30000/29840/29500.

  • Nifty Bank May Future Open Interest Volume is at 16 lakh with an addition of 1.14 Lakh, with an increase in the Cost of Carry suggesting long positions were added today. Nifty Bank Rollover cost is @29964 and closed above it.
  • 31000 CE is having a highest OI @3.2 Lakh, resistance at 31000, followed by 31500.  28000-31000 CE liquidated 0.05 Lakh in OI, so bears are covered in the zone of 29500-30500
  • 30000 PE is having a highest OI @2.7 Lakh, strong support at 30000 followed by 29500. 29000-31000 PE added a 2.2 Lakh OI, so bulls are creating strong support in the range of 29800-30000.

Buy above 30440 Tgt 30526,30613 and 30701 (Nifty Bank Spot Levels)

Sell below 30352 Tgt 30265,30125 and 30000 (Nifty Bank Spot Levels)