Nifty & Nifty Bank View for 21/12/2018

ONCE AGAIN NIFTY BULLS FELL FEW POINTS FOR 11K MARK...!!!

But Bulls made phenomenal come back from lows (opening and mid day) 2 times today...!!!

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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 16 points Loss at 10952

Nifty Bank Closed with 23 points Loss at 27275

Nifty View

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

Resistance zones ~  10980-11020-11045-11070-11100-11125-11150-11170-11185-11210-11275-11235-11330-11360-11300-11385-11410-11425-11425-11435-11470-11495-11525-11550-11565-11585-11605-11620-11655-11690-11710-11725-11735-11750

Support ~ 10940-10895-10870-10840-10815-10785-10740-10715-10690-10650-10615-10585-10555-10525-10500-10460-10380-10350-10325-10325-10295-10270-10225-10180-10140-10110-10075-10045-10005-9955

CONCLUSION

Now looking at last trading session intraday chart we feel that Some more upside till 11020-11050 cant be ruled out but now one must book profits in Nifty long positions (Previous blog post conclusion) 

Premature to say divergence but need minimum 2 sessions to confirm same. 

Nifty Bank View

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

Resistance Zone ~ 27335-27405-27470-27600-27640-27680-27720-27790-27825-27845-27890-27940-27970-28060-28130-28175-28210-28265-28320-28375-28320-28375

Support ~ 27230-27145-27045-26970-26900-26805-26765-26695-26650-26615-26520-26450-26410-26325-26285-26255-26170-26070-26015-25985-25920-25810-25775-25650-25455-25340-25220-25065-25150-24810-24680-24515-24380-24250-24010-23810-23660-23575-23475-23445-23215-23090-22980

Conclusion

Expectation was 27500+ in this week and Bulls managed high of 27364 but now next session being expiry session we feel that Bulls may have to wait for 1 session atleast. (Previous blog post conclusion) 

Premature to say divergence but need minimum 2 sessions to confirm same. 

Option Chain Data

Nifty

Good liquidation can be seen on CE front. Again huge addition reflects frustrated Bears buying PE. (Previous blog post conclusion) 

Still good additions in 11000 & 11200 CE can be interpreted as more upside left. 

Nifty Bank


Monthly Option Chain

Changes can be seen on CE front by additions in OTM CE strikes. On PE front 27000 PE strike is having huge OI which may act as support going forward. 

Put Call Ratio Stands at 1.39 for Nifty whereas for Nifty Bank it is 1.27

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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.