Nifty Bank Rallies After Price Time Squaring

  • As Discussed in Last Analysis; We have done a price time squaring today till we hold today’s low. A low was made at 30242, so Nifty Bank did not break the low of 18 June @30222 and closed above 30350 again, Bulls will get active above 30417 for a move towards 30550/30683/30858/31000. 30824 hit, now Nifty Bank should continue a rally towards 30947 and any close above 30947 can see an upmove towards 31156/31365. Bears have a chance there only below 30600, for a move back to 30509/30333.

  • Nifty Bank June Future Open Interest Volume is at 18.7 lakh with an addition of 2.3 Lakh, with a decrease in the Cost of Carry suggesting long positions were added today. Nifty Bank Rollover cost is @31540 and closed below it.
  • 31000 CE is having a highest OI @5.2 Lakh, resistance at 31000, followed by 31500.  30000-32000 CE added 2.8 Lakh in OI, so bears added in the zone of 31000-31500.
  • 30000 PE is having a highest OI @3.1 Lakh, strong support at 30500 followed by 30200. 30000-32000 PE added 12.6 Lakh OI, so bulls are making strong support in the range of 30300-30500.

Buy above 30860 Tgt 30947,31035 and  31123 (Nifty Bank Spot Levels)

Sell below 30596 Tgt 30500,30411 and 30333 (Nifty Bank Spot Levels)