Nifty Bank Continue to Hold Time Cycle Low

  • As Discussed in Last Analysis, 10 is an important time cycle date suggesting we could have formed a short term bottom on 07 June and in for a rally towards 31365/31500/31800. Bears will get active below 30890 for a move back to 30650/30623/30500. A high was made today at 31367, so we hit our target of 31365 and again closed above 31000. Till we are above 31000 bulls can rally towards 31365/31500/31800. Bears will get active below 30860 for a move back to 30650/30623/30500.

  • Nifty Bank June Future Open Interest Volume is at 20.2 lakh with a liquidation of 0.24 Lakh, with a decrease in Cost of Carry suggesting short positions were closed today. Nifty Bank Rollover cost is @31540 and closed below it.
  • 32000 CE is having its highest OI @2.9 Lakh resistance at 31500, followed by 31800.  30000-32000 CE added 1 Lakh in OI, so bears added in the zone of 31500-31800.
  • 30500 PE is having a highest OI @2.8 Lakh, strong support at 30800 followed by 30500. 30000-32000 PE added 0.73 Lakh OI so bulls are making strong support in the range of 30500-30800.

Buy above 31087 Tgt 31242,31331 and  31500 (Nifty Bank Spot Levels)

Sell below 30920 Tgt 30810,30714 and 30623  (Nifty Bank Spot Levels)