Nifty Spot Closed with small gain of 1 point or 0.01% at 10443 whereas Nifty Future closed at 10472 (Premium of 29 points)
Nifty Bank Closed with small loss of 20 points or 0.08% at 25319 where as Bank Nifty Future closed at 25387 (Premium of 68 points)
After today's session lets have look at Nifty (spot) chart
We are having same view that Nifty may not sustain at higher levels.
Now going further it will be difficult task for Bulls to lift Nifty above 10500 levels. 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 it will be difficult task for Bulls to lift Nifty above 10500 levels. 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 faced resistance at 25455 level and there after closed with minor loss.
Going further Nifty Bank may face resistance at 25455-25650-25775 levels. On downside 25220-25150-25065 are support levels.
Going further Nifty Bank may face resistance at 25455-25650-25775 levels. On downside 25220-25150-25065 are support levels.
Option Chain Data.
Nifty
Highest CE Open Interest is about 4338k shares at 11000 (minor liquidation of 73k shares) which may act as resistance but before that 10600 CE stands with 3823k shares so that may act as immediate hurdle (additions of 35k shares). Now if we talk on PE front then Highest Open Interest is 4832k shares at 10300 PE which may act as support (liquidation of 160k shares) but if Bears manage to dominate then 10000 PE with 4300k 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 (738k) and 26000 PE (691k). But 24500 PE is having 762k shares in Open Interest (highest on PE front) which may act as strong support. 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 1 session remaining) then 25000 PE stands with 878k shares in Open Interest and it is psychological important for market participants. On CE front 1478k shares at 25500 CE shall act as resistance.
Surprisingly there is very small Open Interest difference between 25000 PE (738k) and 26000 PE (691k). But 24500 PE is having 762k shares in Open Interest (highest on PE front) which may act as strong support. 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 1 session remaining) then 25000 PE stands with 878k shares in Open Interest and it is psychological important for market participants. On CE front 1478k shares at 25500 CE shall act as resistance.
Put Call Ratio Stands at 1.07 for Nifty whereas for Nifty Bank it is 1.28 which can be considered as overbought for both indices.
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- Short #BANKINDIA Future around 167.70-167.90 sl 169.30
- Outcome - SL Trigger
- Buy #BANKNIFTY 25500 PE (Weekly Expiry) around 125-127 sl 95
- Outcome - Made high of 197.60. (Expected target was 200-225 zone but exit view was shared around 160)
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