NIFTY & BANK NIFTY VIEW FOR 04/11/2015

REVERSAL CANDLE REVERSAL CANDLE BUT ALL WASHED AWAY WITH HUGE ADDITION IN 7800 PE...!!!

AFTER YESTERDAY'S CLOSE WE HAD SAID THOUGH DAILY NIFTY CANDLE IS REVERSAL KIND OF BUT WE ARE BIT SKEPTIC TOWARDS UPSIDE MOVE FOR 2-3 SESSIONS AND WE NEED TO SEE MOVES CAREFULLY.

NOW IF WE TALK TODAY'S ADDITION IN NIFTY OPTIONS THEN 7800 & 8000 PE UNDERGONE HUGE ADDITIONS WHERE AS ON CE FRONT 8200 & 8300 SOME ADDITIONS TOOK PLACE.

NOW IF WE SEE DAILY CHART (ON SHORT TERM BASIS) THEN WE ARE IN UPTREND WITH IMMEDIATE SUPPORT AT 7960-7970 ZONE BUT LOOKING AT ACCUMULATION IN LOWER STRIKE PRICE PE IT SEEMS IF THAT IS BROKEN THEN WE MAY SEE FLASHES OR MOVES BELOW 7900 EASILY.

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

BANK NIFTY:-

LAST CLOSE 17325.60 (SPOT)

EXTREME ENDS 17000 PE & 18000 CE (ON HIGHEST OI BASIS) OF BANK NIFTY OPTION CHAIN WITNESSED ADDITION IN OI. 

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. (BASED ON RETRACEMENT & TRENDLINE TOOLS) 

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 1.00
PE RATIO FOR NIFTY STANDS AT 21.98 (AS PER CLOSE OF 02/11/2015)

FINAL CONCLUSION

NIFTY & BANK NIFTY

NIFTY IS SHOWING WEAKNESS IN COMPARISON TO BANK NIFTY AND IT IS NEAR TO SUPPORT ZONE, WHEREAS BANK NIFTY HAS TAKEN ALREADY TAKEN CRUCIAL SUPPORT NEAR TO 17162 LEVEL. 

LOOKING POLITICAL EVENT IN NEAR FUTURE IT SEEMS INDICES MAY REMAIN RANGE BOUND WITH STOCK SPECIFIC MOVES. 

OPEN POSITIONS
NONE

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STANDARD DISLCOSURE:-

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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.