Nifty Spot Closed with small gain of 7 points or 0.06% at 10442 whereas Nifty Future closed at 10472 (Premium of 30 points)
Nifty Bank Closed with small gain of 20 points or 0.08% at 25338 where as Bank Nifty Future closed at 25382 (Premium of 44 points)
After today's session lets have look at Nifty (spot) chart
As expected Nifty (spot) made low 10404 (our expected level of support was 10400)
Now going further on downside support comes at 10400, 10345, 10285 & 10235 where on upside close above 10520-10530 zone can trigger fresh rally. (Repeat comment)
Now going further on downside support comes at 10400, 10345, 10285 & 10235 where on upside close above 10520-10530 zone can trigger fresh rally. (Repeat comment)
Lets have look at Nifty Bank chart after today's session
Nifty Bank Made low of 25232 (our expected level of support of 25220) Now we have multiple supports at 25150, 25065 and 24810 levels.
Option Chain Data.
Nifty
Highest CE Open Interest is about 4411k shares at 11000 which may act as resistance but before that 10600 CE stands with 3788k shares so that may act as immediate hurdle. Now if we talk on PE front then Highest Open Interest is 4992k shares at 10300 PE which may act as support but if Bears manage to dominate then 10000 PE with 4385k shares shall act as strong support which may act as psychological level too.
Nifty Bank (Considering only monthly Option Chain)
Surprisingly there is very small Open Interest difference between 25000 PE and 26000 PE. So as per this we have to strictly go as per chart 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.
But if we consider weekly Option Chain (only 2 sessions remaining) then 25000 PE stands with 822k shares in Open Interest and it is psychological important for market participants. On CE front 909k shares at 25500 CE shall act as resistance.
Surprisingly there is very small Open Interest difference between 25000 PE and 26000 PE. So as per this we have to strictly go as per chart 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.
But if we consider weekly Option Chain (only 2 sessions remaining) then 25000 PE stands with 822k shares in Open Interest and it is psychological important for market participants. On CE front 909k shares at 25500 CE shall act as resistance.
Put Call Ratio Stands at 1.09 for Nifty whereas for Nifty Bank it is 1.31 which can be considered as overbought for both indices.
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