NIFTY & BANK NIFTY VIEW FOR 08/01/2016

BEARS EVERYWHERE ON STREET...!!!

IN 5 SESSIONS NIFTY FELL MORE THAN 400 POINTS FROM TOP...!!!

THOUGH BANK NIFTY CLOSED BELOW HIGHEST OI PE YESTERDAY WE HAD SAID THAT THIS DOWNSIDE MAY STILL CONTINUE AND REST IS HISTORY...!!!

ALSO WE HAD SAID THAT 16500 PE MAY LOSE ITS HIGHEST OI TAG AND 16000 PE MAY BECOME HIGHEST OI PE WHICH WAS ALSO DONE TODAY.

NOW LETS HAVE LOOK AT NIFTY CHART FIRST.

IF WE DO NOT SEE RULE BASED MOVE THEN THIS IS DESCENDING TRIANGLE KIND OF FORMATION FOR NIFTY ON DAILY CHARTS BUT WE WOULD LIKE TO SAY ANOTHER THING IN WHICH WE SAY THIS IS TRIPLE BOTTOM KIND OF SETUP AND WE CAN SEE SOME PULL BACK IN NIFTY FOR SOME 200-300 POINTS IN COMING DAYS (OPTION CHAIN ALSO SUGGEST BASE AROUND 7500 FOR NIFTY)

ANYWAY LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.

Few ITM PE undergone liquidation in OI and nearby OTM (7300 &  7400) witnessed addition. Highest OI tag remains with 7500 PE on lower side and on higher side it is with  8000 CE. 

Bank Nifty highest OI tag remains with 16000 PE & 17000 CE. 

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

RESISTANCE LEVELS:- 7650, 7712 & 7762
SUPPORT LEVELS:- 7551, 7451 & 7390.

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

RESISTANCE LEVELS:- 16188, 16395 & 16523
SUPPORT:- 15980, 15852 & 15748

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 20.47
PUT CALL RATIO ON BASIS OF OI IS 0.93

FINAL CONCLUSION

As both indices have closed near to highest OI we feel we are near to bottom for immediate short term. 

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STANDARD DISLCOSURE:-

PLEASE NOTE THESE MOVES ARE AS PER CHARTS AND OPTIONS CHAIN WHICH MAY REVERSE ANYTIME. THIS POST IS FOR EDUCATION PURPOSE ONLY AND NOT TO BE CONSIDERED AS BUYING OR SELLING RECOMMENDATION. WE ARE NOT SEBI REGISTERED RESEARCH ANALYST. WE ARE NOT RESPONSIBLE FOR ANY PROFIT OR LOSS FOR ANY TRADES EXECUTED ON BASIS OF THIS POST. WHILE UTMOST CARE HAS BEEN TAKEN WHILE ANALYSING CHARTS & OPTIONS DATA BUT IF INCASE THERE IS ANY HUMAN ERROR WE ARE APOLOGISE FOR IT.

WE REQUEST ALL READERS TO GIVE THEIR FEEDBACK ON NIFTY50STRIKER@GMAIL.COM OR BY CALLING/WHATSAPP MESSAGE ON 08866145155 OR BY COMMENTING ON THIS BLOG POST.

ABOUT AUTHOR ~ MANUSH VADHER

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