Bank Nifty Analysis for 07 May

• As Discussed in Last Analysis Now Bulls need to move above 32900 for move towards 33040/33160/33333. Bears will get active below 32666 for move towards 32571/32465/ 32299. Bulls got whipsawed and bears were able to do 1 target on downside still we are not able to close above mercury ingress high, Now Bulls need to move above 32900 for move towards 33040/33160/33333. Bears will get active below 32760 for move towards 32610/32400/ 32222.

• Intraday time for reversal can be at 9:15/10:52/12:18/1:25/1:56/2:57  How to Find and Trade Intraday Reversal Times

• Bank Nifty April Future Open Interest Volume is at 14 lakh with liqudiation of 1 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @33146 closed below it.

• 33000 CE is having highest OI @6.5 Lakh resistance at 33000 followed 33500.32500-33500 CE added 7.2 Lakh in OI so bears added position in the zone of 32500-33000.

• 32000 PE is having highest OI @7.6 Lakh, strong support at 32500 followed by 32000 .32000-32500 PE added 2.9 Lakh OI so bulls making support in the range of 32000-32500.

• Bank Nifty Futures Trend Deciding level is 32900 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 32873 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .

Buy Above 32900 Tgt 33040,33160 and 33333 (Bank Nifty Spot Levels)

Sell Below 32743 Tgt 32610,32444 and 32299 (Bank Nifty Spot Levels)