Nifty & Nifty Bank View for 26/06/2018

TIGHT RANGE-BOUND IN VERY FIRST SESSION OF EXPIRY WEEK IS PERHAPS SILENCE BEFORE BIG STORM...!!!

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Anyway lets move further and Analyse what could be road ahead for Nifty & Nifty Bank for next session.

Nifty Spot Closed with 59 points Loss at 10762 whereas Nifty Future (June Series) closed at 10759 (Discount of 3 points) 

Nifty Bank Closed with 61 points Loss at 26610 whereas Bank Nifty Future (June Series) closed at 26603 (Discount of 22 Points) 

LETS SEE NIFTY FUTURE DAILY CHART

Nifty View

Now for next trading session important Resistance & Support Levels (Spot basis) are as under:- 

Resistance ~ 10785-10815-10840-10870-10895-10940

Support ~ 10740-10715-10690-10650-10615-10585-10555-10525-10500-10460

Conclusion

Today's candle is BEARISH HARAMI which indicates Bears are gaining some confidence in range-bound session. 

10825-10845 zone for SPOT NIFTY is STRONG HURDLE for Bulls for next session whereas on downside 10710-10720 must act STRONG SUPPORT. 

FOR ENTIRE SERIES WE STILL HOLD SAME VIEW 10500 SHALL ACT AS STRONG SUPPORT. 

LETS SEE BANK NIFTY FUTURE CHART ON 60 MINS TIMEFRAME

Nifty Bank View

Now for next trading session important Resistance & Support Levels (Spot basis)are as under:- 

Resistance ~ 26615-26650-26695-26765-26805-26900-26970-27045-27145-27230

Support ~ 26520-26450-26410-26325-26285-26255-26170-26070-25985-25920-25810

Conclusion

Though BIG RANGE BUT 26770-26810 is big hurdle for bulls to clear in next session whereas on downside 26480-26510 must act as strong support NIFTY BANK. 

FOR ENTIRE SERIES WE STILL HOLD SAME VIEW 25500 SHALL ACT AS STRONG SUPPORT. (OLD VIEW) 

NOW FOR NEXT 3 SESSION WE BELIEVE 26000 MUST ACT AS STRONG SUPPORT EXCEPT AND BAD NEWS OR DRAMA. (FRESH VIEW) 

Option Chain Data

Nifty

Open Interest liquidations can be seen in nearby PE (ITM-ATM-OTM) which can be considered as exit of swing traders. 

FURTHER ADDITIONS IN 10800-10900 CE INDICATES ENTRY OF SWING TRADERS. 

Only surprise is Open Interest at 10200 & 10000 PE.  

Nifty Bank (Considering only monthly Option Chain)

Open Interest additions can be seen on both side of Option Chain which indicates aggressive position built-up by market participants (Buyer & Writers) 

27000 CE IS STANDING STRONG AS WALL OF RESISTANCE AND ON DOWNSIDE 26000 PE IS HAVING GOOD OPEN INTEREST  WHICH MUST ACT AS STRONG SUPPORT EXCEPT ANY BAD NEWS OR DRAMA. 

Put Call Ratio Stands at 1.19 for Nifty whereas for Nifty Bank it is 0.82

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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.