Bank Nifty: Immediate Resistance At 23500

Bank Nifty index was trading higher by 96 points at 23448 level as of 1033 hours on Thursday. State owned, Punjab National Bank is top gainer in the index trading higher by over 4% at Rs 142.3 per share. Canara Bank was the second top gainer in Bank Nifty, up by 2.6% at Rs 341.1 per share.

The open interest additions for Bank Nifty contracts expiring today was scattered on two immediate upside strike prices of 23500 and 23600 for call options and immediate strike prices of 23300 and 23400 for put options.

Bank Nifty futures of July series was trading at 23488 at a huge premium of around 40 points. Immediate resistance level for Bank Nifty may be placed at 23500 level. 20-day moving average of Bank Nifty stands at 23464 level. Breaking out this level may push the index higher.

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