Nifty Bank Closes Below Time Cycle Low Of 28850

  • Nifty Bank May Future Open Interest Volume is at 15.5 lakh with a liquidation of 0.27 Lakh, with an increase in Cost of Carry suggesting long positions were added today. Nifty bank Rollover cost @29964 closed below that level.
  • 29500 CE’s highest OI @2.3 Lakh, resistance at 29200 followed by 29500.  28000-31000 CE added 1.8 Lakh in OI so bears added in the zone of 29300-29500.
  • 28500 PE is having a highest OI @5.3 Lakh, strong support at 28500 followed by 28300. 29000-31000 PE liquidated 2 Lakh OI so bulls are creating strong support in the range of 28300-28500.

Buy above 28710 Tgt 28793,28878 and  28963  (Nifty Bank Spot Levels)

Sell below 28620 Tgt 28539,28455 and 28371 (Nifty Bank Spot Levels)