F&O: Immediate resistance for Bank Nifty at 24000

Bank Nifty has extended its gains to trade at 23670 level, up by 221 points or 0.94%. Bank Nifty’s up-move is led by PSU bank stocks like Punjab National Bank (PNB), Bank of Baroda and Canara Bank. PNB was up by 6.17%, BoB was up by 3.89% and Canara Bank was up by 3.63%.

Bank Nifty futures of July series was trading at 23702 level at a premium of 32 points. On the options front, Bank Nifty 13-July 23700 CE and 23500 PE witnessed maximum addition in their open interests.

There was long built up positions in Bank Nifty call options expiring on 13 July while the put options witnessed short built up position reflecting strong bullish undertone in Bank Nifty index. Immediate resistance level for Bank Nifty may be placed at 24000.

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