Nifty & Nifty Bank View for 24/01/2018

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) (LAST 2 POSTS WE HAD SAID MORE UPSIDE IS EXPECTED AND IF ANY ONE FOLLOWING IT THEN WOULD HAVE GAINED EASY 200 POINTS FOR NIFTY & MORE THAN 500 POINTS FOR BANK NIFTY TILL NOW)

WE HAVE ALREADY SHARED OUR VIEW ON 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.

Nifty Spot Closed with Gains of 117 points or 1.07% at 11084 whereas Nifty Future closed at 11085 (Premium of 1 point) 

Nifty Bank Closed with Gains of 349 points or 1.29% at 27391 whereas Bank Nifty Future closed at 27382 (Discount of 9 points) 

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)

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) but now upside will be limited and some cool off is expected in session or two. 

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.  (Repeat comment) 

Medium chart (Weekly) suggested upside target of 11354 and till now Bulls managed to cover about 200 points. 

If we talk about Monthly chart then out of 3 resistance levels (11072-11400-11930) 1st level of 11072 is cleared by Bulls

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)

Now for this series 27000 will act as strong support below that 26760 shall act as strong support. Some cool off is expected in session or 2 or may be after expiry but prior to budget. 

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. 

Option Chain Data.

Nifty

Except 10900 & 11000 CE alone undergone liquidation of more than 5000k shares. Also additions of 1334k shares in 11200 CE can't be ignored. More than 5200k shares were added in 11000-11050-11200 PE alone which shows frustrated Bears situation.  

Nifty Bank (Considering only monthly Option Chain)
27000 PE is having highest Open Interest which may act as support. Whereas on CE front 27500 CE is having highest Open Interest which may act as resistance. Additions in 27000-27400 PE shows frustration of bears. 

Put Call Ratio Stands at 2.17 (Over bought) for Nifty whereas for Nifty Bank it is 1.49 (over bought) 

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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.