As discussed in last analysisWe formed an Inside Bar on Gann 10 Year Cycle date,suggesting big move round the corner.Bank Nifty bulls need to move above 17530 for move towards 17785/17950/18200. Bears will become active below 17300 for a move towards 17100/16938/16600.We saw the effect of Gann Time Cycle Low made was 17560 and bulls did all target on upside and bounced from gann angle. Now Bulls need to move above 18769 for a move towards 19000/19321. Bears will get active below 18496 for a move back to 18225/17956.
Bank Nifty May Future Open Interest Volume is at 0.89 lakh with addition of 5 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @20762 closed below it
19000 CE is having highest OI @10.2 Lakh resistance at 19000 followed 19300.18000-20000 CE added 6 Lakh in OI so bears added position in the zone of 19000-19300.
18500 PE is having highest OI @8.3 Lakh, strong support at 18500 followed by 18300.18000-19000 PE added 20 Lakh OI so bulls making support in the range of 18300-18500.