28 Apr 2023

Nifty and Bank Nifty stage a comeback with strong April series rally

Nifty index began the April series positively, gaining 730 points to reach 17930 zones. The Bullish candle formation negated the previous three series' lower highs-lower lows formation, with a decline in open interest and a rise in price. Rollover of Nifty stood at 64.1%, with lowest open interest in the last three years. Bank Nifty gained momentum by driving above 43000 marks, regaining the losses of the last three expiries, with short covering seen as open interest decreased by 52.9%. Bank Nifty needs to hold 42500 zones to extend the move towards the life time high of 44150 zones.