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Bank Nifty opens at record high

Bank Nifty opened 50 points higher at a record high level of 24,307 in the Monday’s trading session. The index was trading at 24,264 level up by 7 points as of 0918 hours. ICICI Bank and HDFC Bank are contributing the most to index gains.

Bank Nifty futures of July series was trading at 24,250 level at a discount of 14 points. The futures of August and September series were trading at premiums of 66 and 154 points, respectively.

The index may have support around 24,066 which was the low for Friday, while 24,350 is likely to act as resistance on the upside. The maximum open interest (OI) was seen at strike price of 24,500 for call options and at 24,000 for Put Options. Some Call writing is seen at the strike price of 24,500 which may be a short time hurdle for the index.