Nifty & Nifty Bank View for 02/01/2018

Nifty Spot Closed with loss of 95 points or 0.90% at 10435 where as Nifty Future closed at 10498.70.

Nifty Bank Closed with loss of 221 points or 0.87% at 25318 where as Bank Nifty Future closed at 25447.50

After today's session lets have look at Nifty (spot) chart

From this chart it is very much clear that at present Nifty is respecting divergence formation and on downside support comes at 10400, 10345, 10285 & 10235 where on upside close above 10520-10530 zone can trigger fresh rally. 

Lets have look at Nifty Bank chart after today's session

From this chart it is very much clear that at present Nifty Bank is in channel pattern but more downside can't be ruled out and on downside 25220, 25150, 24810 & 24650 are support levels. 

Option Chain Data.

Nifty

Highest CE Open Interest is about 4129k shares at 11000 which may act as resistance whereas on PE from Highest Open Interest is 4713k shares at 10300 PE which may act as support. 

Nifty Bank (Considering only monthly Option Chain)

Surprisingly there is very small Open Interest difference between 25000 PE and 26000 PE. So as this we have to strictly go as per chart only as on PE front OI data is bit imbalanced where on CE front 26000 CE is having highest Open Interest which may act as strong resistance.

Put Call Ratio Stands at 1.13 for Nifty whereas for Nifty Bank it is 1.27 which can be considered as overbought for both indices. 

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