Nifty & Nifty Bank View for 10/01/2018

Nifty Spot Closed with gains of 13 points or 0.13% at 10637 whereas Nifty Future closed at 10647 (Premium of 10 points) 

Nifty Bank Closed with gains of 28 points or 0.11% at 25704 whereas Bank Nifty Future closed at 25710 (Premium of 6 points) 

Nifty View

We have already discussed in our last post Nifty is in uptrend and may face resistance at higher levels. 

Lets have look daily chart. 

(Incase if you are not able to view full image click on image to enlarge)

Further our expectation of 100 points for Nifty is done in 2 sessions which we had mention in our previous post 


On upside Bulls may face resistance at 10720-10750 zone. On downside 10566-10588 act as strong support. 

Nifty Bank View

We have already shared Volatility chart for BankNifty Future. So now lets move forward and study daily chart after today's session. 

Still Nifty Bank is facing resistance at previous highs

View still remains intact for Resistance & Support levels. 

Nifty Bank may face resistance at 25775-25880-25925 levels. On downside 25650-25455-25340 are support levels. 

Option Chain Data.

Nifty

Highest CE Open Interest is about 4522k shares at 11000 (Minor additions of 23k shares) which may act as resistance. Now if we talk on PE front then Highest Open Interest is 6928k shares at 10500 PE which may act as support (huge additions of 663k shares) (Shifted from 10400 to 10500)  Further additions of 1067k shares in 10600 PE which indicates tug of war between market participants for 10600 level. 

Nifty Bank (Considering only monthly Option Chain)
Highest OI at 25000 PE (834k shares) which may act as strong support level (psychological) 

On upside 26000 CE is having OI of 1563k shares shall act as stiff resistance.  

Put Call Ratio Stands at 1.36 (Over bought) for Nifty whereas for Nifty Bank it is 0.98

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Please note this blog post is for education purpose only. While utmost care is taken while writing this post but any human error cant be ruled out and we apologize for same in advance.