Bank Nifty continue its range play,EOD Analysis

By | May 3, 2017 6:07 pm
  • As discussed in Last Analysis  As discussed 22547-559 range which is gann resistance level as per below charts, needs to be crossed for a fast rise towards 22800/22900 range. Bearish only on close below 22180. So bank nifty can keep playing the range of 22180-22500 before a move of another 300-400 points. High made today was 22449 and low made was 22280 so bank nifty continue to trade in the range we discussed 22180-22500, trend trades sit on sidelines till range in broken, scalpers buy low sell high till range in broken.   Trading Sins

  • Bank Nifty May Future Open Interest Volume is at 31.9 lakh with liquidation of 1.7 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @22035, closed above it and Rollover % at 75
  • 23000 CE is having highest OI @3.6 Lakh resistance at 23000 followed 22500. 21000-23000 CE saw liquidation of 1.9  lakh in OI suggesting bears used the dip to cover position in range of 22700-23000 .
  • 21500 PE is having highest OI @9.6 Lakh, strong support at 21500 followed by 21300, Bulls added 2.9 Lakh position in OI in range of 21500-22500 making strong base in range of 21500-21800.

Buy above 22350 Tgt 22420,22500 and 22630 (Bank Nifty Spot Levels)

Sell below 22300 Tgt 22230,22120 and 22000 (Bank Nifty Spot Levels)

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