ONCE AGAIN BULLS MANAGED TO TAKE DRIVER SEAT FOR NIFTY & NIFTY BANK MOVE AND BEARS WERE FORCED TO EXIT (REPEAT COMMENT & AS EXPECTED IN OUR LAST POST)
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 72 points or 0.66% at 10966 whereas Nifty Future closed at 10964 (Discount of 2 points)
Nifty Bank Closed with Gains of 132 points or 0.49% at 27041 whereas Bank Nifty Future closed at 27016 (Discount of 25 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. (repeat comment) So till the time Nifty (spot) is closing above 10786 level we are in uptrend (short term) 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 on medium term trading perspective. Only close below 25775 may act as reversal of this channel pattern.
But immediate basis 26760 shall act as strong support.
Support levels are 25925-25880-25775 levels.
Option Chain Data.
Nifty
Except 10800 CE no other CE undergone major liquidation. Mammoth additions of 1744k shares were added during today's session.
Highest Open Interest CE front at 11000 which may act as resistance and on PE front 10500 PE is having 7065k shares in Open Interest which may act as support.
Except 10800 CE no other CE undergone major liquidation. Mammoth additions of 1744k shares were added during today's session.
Highest Open Interest CE front at 11000 which may act as resistance and on PE front 10500 PE is having 7065k 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 788k shares but Nifty Bank closed above it.
Put Call Ratio Stands at 1.81 (Over bought) for Nifty whereas for Nifty Bank it is 1.35 (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 788k shares but Nifty Bank closed above it.
Put Call Ratio Stands at 1.81 (Over bought) for Nifty whereas for Nifty Bank it is 1.35 (over bought)
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