Above 18100 - Nifty & Bank nifty - Pre Market report 2nd May 2023 - Gap up or Gap down

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Hello every one, this is the pre market report video for today
May 2nd in the Indian stock market in terms of nifty and bank
nifty.
First quickly, just a recap,
Last friday, our Indian market closed positive for the fifth
straight session. I mean Nifty opened 35 points gap up and it
dropped only around 50 points till 1045 AM and it slowly
increased upto 70 points till 3 pm.
and in the last half our, short covering on bank nifty, made the
nifty to add another 100 points on top of it and moved above
18050.
Just for info, last Friday, all the sector in the Indian market
closed positive.
throughout the day public sector bank supported the market ,as
it raised above 2.5%. other than that in addition its reliance, it
increased near 1.8%.
The draggers were axibank, titan and hul.
Not much or no special, its just Due to their quaterly result
impact..
And for the third straight session, FIIs net bought the shares
worth approx Rs 3300 crore, and DIIs too net baught shares
approx. worth Rs 260 crore.

In terms of technical, nifty forms the fifth straight green candle,
so just please be aware. Minor correction is pending.
Anyway, both nifty and Bank nifty forms a long green candle
with minor upper shadow and a long lower shadow.
On Friday, it did breakout the 18000 with the huge volume, so
the base level or the support level was now shifted to 17800 to
17850 from 17,500-17,600 area earlier.
So its really important today to close over 17850 to shift the base
level back to 17800 mark.
At present, the trendline resistance is kind of indicating near the
December high. But I believe It will be difficult to touch lifetime
highs in May itself but may be we can see that possible in the
subsequent months. For now, the immediate hurdle is at 18,200
levels from where we can see profit booking.
So The short-term uptrend of Nifty is remains intact.
Then Coming to moving average and technical indicator, for
both nifty and bank nifty, in daily chart, as a summary its same
as last five-six trading session. Strong buy signal.
From options change in open interest, for nifty, very small
quantiy of new cal options were added above 18000 mark and
small quatity of cal options unwinding taken place at below
18000 mark.
Also more number of new put options were added at 18000
So 18000 is the immediate support.
Then based on overall option open interest data, the near by
maximum cal option without significant put option is present at
18200.
So 18200 will be a strong resistance to break.

And there is a Another important thing here, still there are
significant cal option open interest is present at 17700 to 18000.
So more time the index spend the time above 18000, will lead to
the significant cal option to unwind. Which can also push the
rally upwards quickly. Anyway. 17800 is the strong support for
this expiry.
For bank nifty, from total open interest data, huge short straddle
is present at 43000 mark – almost double than that of any other
strike price.
Because of that 42500 will be the immediate support and 43500
will be the immediate huddle to break.
So that’s all in this video.