WE EXPECTED 300-400 POINTS RALLY FOR BANK NIFTY ONCE BULLS MANAGES TO CLOSE ABOVE 26100 BULLS BUT MOVE WAS LIKE ROCKET FOR ABOUT 750+ POINTS ONCE 26100 WAS CLEARED...!!!
Nifty Spot Closed with Gains of 28 points or 0.26% at 10817 whereas Nifty Future closed at 10811 (Discount of 6 points)
Nifty Bank Closed with Gains of 284 points or 0.94% at 26537 whereas Bank Nifty Future closed at 26499 (Discount of 38 points)
Nifty View
Now lets have look at spot Nifty weekly chart.
(Incase if you are not able to view full image click on image to enlarge)
In our earlier post we had said that if we ignore textbook rules then Nifty on weekly chart is forming Flag & Pole pattern and today target for same is also achieved.
Now lets have look at Daily Chart
We can see in chart that today breakout took place on upside in channel pattern but we shall wait for 3 sessions for more confirmation of breakout.
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. On upside 10880-10900 zone may act as strong hurdle for entire series now.
Nifty View
Now lets have look at spot Nifty weekly chart.
(Incase if you are not able to view full image click on image to enlarge)
In our earlier post we had said that if we ignore textbook rules then Nifty on weekly chart is forming Flag & Pole pattern and today target for same is also achieved.
Now lets have look at Daily Chart
(Incase if you are not able to view full image click on image to enlarge)
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. On upside 10880-10900 zone may act as strong hurdle for entire series now.
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 said yesterday "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 remain which shall be cleared in session or 2" with "Nifty Bank formed Bullish Engulfing candlestick in today session"
Next 3 sessions will be important for further road ahead for Bulls. Till then we are in no trade zone for Index trading.
On upside 26840-26860 will act as strong hurdle and down side gap of 26335-26425 shall act as support for next 3 sessions.
Option Chain Data.
Nifty
Continuous shifting on Open Interest front is seen on PE front in this series (Repeat Comment). More 2088k shares were added during today's session in 10800 PE alone, whereas 10700 PE shed 1468k shares in Open Interest
But on CE front more than 2800k shares were added on CE front. (considered only 10900 & 11000 strike prices only) which may lead to more upside in coming sessions.
Highest Open Interest CE front at 11000 which may act as resistance and on PE front 10500 PE is having 7042k shares in Open Interest which may act as support.
Continuous shifting on Open Interest front is seen on PE front in this series (Repeat Comment). More 2088k shares were added during today's session in 10800 PE alone, whereas 10700 PE shed 1468k shares in Open Interest
But on CE front more than 2800k shares were added on CE front. (considered only 10900 & 11000 strike prices only) which may lead to more upside in coming sessions.
Highest Open Interest CE front at 11000 which may act as resistance and on PE front 10500 PE is having 7042k shares in Open Interest which may act as support.
Nifty Bank (Considering only monthly Option Chain)
Again shift of highest OI tag from 26500 to 27000 CE took place and after today's session. After today's session 26500 PE is having about 871k shares in Open Interest which may act as support. Whereas on CE front 27000 CE is having highest Open Interest of 821k shares which may act as resistance.
Put Call Ratio Stands at 1.48 (Over bought) for Nifty whereas for Nifty Bank it is 1.15
Again shift of highest OI tag from 26500 to 27000 CE took place and after today's session. After today's session 26500 PE is having about 871k shares in Open Interest which may act as support. Whereas on CE front 27000 CE is having highest Open Interest of 821k shares which may act as resistance.
Put Call Ratio Stands at 1.48 (Over bought) for Nifty whereas for Nifty Bank it is 1.15
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