ONCE AGAIN BULLS MANAGED TO TAKE DRIVER SEAT FOR NIFTY & NIFTY BANK MOVE AND BEARS WERE FORCED TO EXIT.
WE HAVE ALREADY OUR NIFTY VIEW FOR MEDIUM (VIA WEEKLY CHART) TO LONG TERM (VIA MONTHLY CHART)
Anyway lets move further and Analyse what could be road ahead for Nifty & Nifty Bank for next session.WE HAVE ALREADY OUR NIFTY VIEW FOR MEDIUM (VIA WEEKLY CHART) TO LONG TERM (VIA MONTHLY CHART)
Nifty Spot Closed with Gains of 78 points or 0.72% at 10895 whereas Nifty Future closed at 10901 (Premium of 6 points)
Nifty Bank Closed with Gains of 372 points or 1.40% at 26910 whereas Bank Nifty Future closed at 26896 (Discount of 4 points)
Nifty View
Now lets have look at spot Nifty Daily Chart.
We can see in chart that breakout taken place earlier is now sustaining on higher levels and we can see more upside in coming sessions. So till the time Nifty (spot) is closing above 10596 level we are in uptrend and more upside can't be ruled out.
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)
Nifty Bank View
Anyway lets move forward and study daily chart after last trading session.
(Incase if you are not able to view full image click on image to enlarge)
We can see that there is gap between 26424-26336 zone which may act immediate support and below that 25925 may act as strong support. Only close below 25775 may act as reversal of this channel pattern.
Support levels are 25925-25880-25775 levels.
Option Chain Data.
Nifty
Continuous shifting on Open Interest front is seen on PE front in this series (Repeat Comment). More 2800k shares were added during last session in & 10900 PE only whereas only shedding can be seen on CE side of Option Chain
Highest Open Interest CE front at 11000 which may act as resistance and on PE front 10500 PE is having 7410k 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 2800k shares were added during last session in & 10900 PE only whereas only shedding can be seen on CE side of Option Chain
Highest Open Interest CE front at 11000 which may act as resistance and on PE front 10500 PE is having 7410k shares in Open Interest which may act as support.
Nifty Bank (Considering only monthly Option Chain)
After last session 26500 PE is having about 1031k shares in Open Interest which may act as support. Whereas on CE front 27000 CE is having highest Open Interest of 916k shares which may act as resistance.
Put Call Ratio Stands at 1.66 (Over bought) for Nifty whereas for Nifty Bank it is 1.49 (over bought)
After last session 26500 PE is having about 1031k shares in Open Interest which may act as support. Whereas on CE front 27000 CE is having highest Open Interest of 916k shares which may act as resistance.
Put Call Ratio Stands at 1.66 (Over bought) for Nifty whereas for Nifty Bank it is 1.49 (over bought)
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