NIFTY & BANK NIFTY VIEW FOR 03/11/2015

IN OUR LAST POST WE HAD SAID THAT WE ARE EXPECTING FLASHES BELOW 8000 AND NIFTY RESPECTED THAT IN DOT TO DOT MANNER. 

NOW IF WE SEE DAILY CHART THEN WE HAVE DRAGONFLY DOJI KIND OF CANDLE FOR NIFTY ON DAILY CHARTS. LETS TRY TO SEE IT ON CHARTS.

ALSO AS PER OPTIONS DATA 7900 IS STRONG BASE AND ON UPSIDE 8500 MAY ACT AS STRONG RESISTANCE.

SO IN SHORT NEXT 2-3 SESSIONS ARE IMPORTANT TO FIND OUT NEXT TREND.

NIFTY:-

LAST CLOSE 8050.80 (SPOT)

EXTREME ENDS 7900 PE & 8500 CE (ON OI BASIS) OF NIFTY OPTION CHAIN ADDED SIGNIFICANT NUMBER OF SHARES IN OI. BUT MORE IMPORTANT THING IS 7800 PE TOO ADDED HUGE ADDITIONS. SO WE FEEL SOMEWHERE TODAY'S CANDLE (DRAGONFLY DOJI) MAY NOT ACT AS REVERSAL OF TREND. 

BANK NIFTY:-

LAST CLOSE 17340.60 (SPOT)

EXTREME ENDS 17000 PE & 19000 CE (ON HIGHEST OI BASIS) OF BANK NIFTY OPTION CHAINS ADDED GOOD QUANTITY OF SHARES IN OI. BUT SURPRISING 19000 CE(80K SHARES APPROX)  & 16500 PE (40K SHARES APPROX) WITNESSED GOOD ADDITIONS.

NOW LETS TALK ABOUT RESISTANCE & SUPPORT LEVELS FOR NIFTY:-

NOW LOOKING AT MOMENTUM AND OPTIONS DATA WE FEEL THAT SUPPORT ZONE OF 7935 TO 7965 MAY ACT AS GOOD SUPPORT FOR SPOT NIFTY. 

RESISTANCE LEVELS:- 8148 & 8130

SUPPORT LEVELS:- 8032 & 7938 

NOW LETS TALK ABOUT RESISTANCE & SUPPORT LEVELS FOR BANK NIFTY:-

RESISTANCE LEVELS:- 17493 & 17696

SUPPORT LEVELS:- 17161 & 16894

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PUT CALL RATIO ON BASIS OF OI IS 0.98
PE RATIO FOR NIFTY STANDS AT 21.98

FINAL CONCLUSION

NIFTY & BANK NIFTY

NIFTY IS SHOWING WEAKNESS IN COMPARISON TO BANK NIFTY AND IT IS NEAR TO SUPPORT ZONE (OPTIONS CHAIN ESPECIALLY 7900 PE LEADS TO SOME DOUBT OVER TODAY'S REVERSAL CANDLE) , WHEREAS BANK NIFTY HAS TAKEN ALREADY TAKEN CRUCIAL SUPPORT NEAR TO 17162 LEVEL. 

WE MAY SEE FLASHES BELOW 8000 FOR SPOT NIFTY AND WHICH MAY ALSO LEAD BANK NIFTY TO COME NEAR TO 17000 ZONE IN COMING DAYS. 

OPEN POSITIONS
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ABOUT AUTHOR ~ MANUSH VADHER

WORKING AS SHAREKHAN SUB BROKER AND HOLDING MASTER DEGREE IN FINANCE HAVING EXPERIENCE OVER 10 YEARS IN CAPITAL MARKET.