10650-10660 WAS OUR SUPPORT ZONE MENTIONED IN OUR LAST BLOG POST FOR SPOT NIFTY AND TODAY SPOT NIFTY MADE LOW OF 10666 AND RALLIED MORE THAN 100 POINTS FROM EXPECTED SUPPORT ZONE.
NOT ONLY THAT IN OUR PREVIOUS BLOG POST WE HAD SAID THAT NIFTY ARE IN UPTREND AND WITH SMALL PAUSE IT WILL CONTINUE IN SESSION OR TWO. THAT TOO WAS OBLIGED WITH SMALL PAUSE TAKEN BY BULLS YESTERDAY.
NOT ONLY THAT BANK NIFTY ONCE CROSS 26100 (SPOT BASIS) ALSO RALLIED MORE THAN 235 ON UPSIDE WHICH HAD MENTIONED IN OUR BLOG POST.
Anyway lets move further and Analyse what could be road ahead for Nifty & Nifty Bank
Nifty Spot Closed with Gains of 88 points or 0.82% at 10789 whereas Nifty Future closed at 10792 (Premium of 3 points)
NOT ONLY THAT IN OUR PREVIOUS BLOG POST WE HAD SAID THAT NIFTY ARE IN UPTREND AND WITH SMALL PAUSE IT WILL CONTINUE IN SESSION OR TWO. THAT TOO WAS OBLIGED WITH SMALL PAUSE TAKEN BY BULLS YESTERDAY.
NOT ONLY THAT BANK NIFTY ONCE CROSS 26100 (SPOT BASIS) ALSO RALLIED MORE THAN 235 ON UPSIDE WHICH HAD MENTIONED IN OUR BLOG POST.
Anyway lets move further and Analyse what could be road ahead for Nifty & Nifty Bank
Nifty Spot Closed with Gains of 88 points or 0.82% at 10789 whereas Nifty Future closed at 10792 (Premium of 3 points)
Nifty Bank Closed with Gains of 314 points or 1.21% at 26289 whereas Bank Nifty Future closed at 26290 (Premium of 1 point)
Nifty View
Now lets have look at spot Nifty daily chart.
On downside 10760-10750 zone may act as immediate support below 10730-10725 is next support zone. Below that again 10660-10650 shall act as strong support.
With today initial fall till 10666 levels nifty also filled Gap made earlier on 15/01/2018
Nifty View
Now lets have look at spot Nifty daily chart.
(Incase if you are not able to view full image click on image to enlarge)
With today initial fall till 10666 levels nifty also filled Gap made earlier on 15/01/2018
Nifty Bank View
Anyway lets move forward and study daily chart after today's session.
(Incase if you are not able to view full image click on image to enlarge)
We had expected 300-400 points upside once 26100 is cleared and today Nifty Bank closed above that level but still about 200 points are remaining which shall be cleared in session or 2.
Not only that Nifty Bank formed Bullish Engulfing candlestick in today session.
Fall below 26130-26150 can only lead to more downside else for this series except any drama not expecting Nifty Bank to go below 26000 on closing basis.
Option Chain Data.
Nifty
Continuous shifting on Open Interest front is seen on PE front in this series (Repeat Comment). More 3350k shares were added during today's session from 10700 & 10800 PE alone
But on CE front more than 1538k shares were liquidated on CE front. (considered only 10500-11000 strike prices in multiples of 100 only) which can be considered as profit booking on positions built in previous trading session.
On CE front 11000 CE is still standing strong with 5032k shares which may act as strong resistance whereas on PE front 7977k shares can be seen as Open Interest in 10500 PE strike price which may act as support.
Continuous shifting on Open Interest front is seen on PE front in this series (Repeat Comment). More 3350k shares were added during today's session from 10700 & 10800 PE alone
But on CE front more than 1538k shares were liquidated on CE front. (considered only 10500-11000 strike prices in multiples of 100 only) which can be considered as profit booking on positions built in previous trading session.
On CE front 11000 CE is still standing strong with 5032k shares which may act as strong resistance whereas on PE front 7977k shares can be seen as Open Interest in 10500 PE strike price which may act as support.
Nifty Bank (Considering only monthly Option Chain)
Again shift of highest OI tag from 26000 to 26500 PE took place and after today's session . After today's session 26500 CE is having about 834k shares in Open Interest which may act as resistance. Whereas on PE front 25000 PE is having highest Open Interest of 818k shares which may act as support.
Put Call Ratio Stands at 1.64 (Over bought) for Nifty whereas for Nifty Bank it is 1.31 (Overbought)
Again shift of highest OI tag from 26000 to 26500 PE took place and after today's session . After today's session 26500 CE is having about 834k shares in Open Interest which may act as resistance. Whereas on PE front 25000 PE is having highest Open Interest of 818k shares which may act as support.
Put Call Ratio Stands at 1.64 (Over bought) for Nifty whereas for Nifty Bank it is 1.31 (Overbought)
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Trading call shared on Telegram channel (16/01/2018)
#RISKY #BANKNIFTY 26000 CE (MONTHLY) BUY AROUND 198-202 SL 158 TRADE IN LIMITED QUANTITY.
STOPLOSS WAS TRIGGERED IN EARLY TRADES TODAY BUT THEN CLOSED AT OF 380.
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