NIFTY & BANK NIFTY VIEW FOR 19/01/2016

NO MERCY ONLY VIOLENCE...!!!

RED DALAL STREET AND ONLY BEAR RULES...!!!

LETS HAVE LOOK AT MEDIUM TERM NIFTY CHART ON DAILY BASIS.

In above chart we can say that time being we are near to bottom for Nifty and we can see small pullback which can be considered as relief rally. 

LETS HAVE LOOK AT SHORT TERM BANK NIFTY CHART ON DAILY BASIS.

Now we can see that Bank Nifty broken this channel pattern and looking at moves we feel that very soon 14400 may be touched for Bank Nifty (we may see some small pull backs) 

ANYWAY LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.

Huge additions were seen in 7400 & 7500 CE; Also liquidation were seen in 7500 & 9600 PE in high quantum.  

Surprisingly Bank Nifty closed below 15500 (highest PE Strike Price) for 2nd consecutive day...!!! But good part is that high liquidation seen in 15500 PE. Now looking at momentum and flow we feel that in coming 2-3 sessions 15000 PE take highest OI tag from 15500 PE. 

Highest OI tag for Nifty is with 7300 PE & 7700 CE. 

Highest OI tag for Bank Nifty is with 15500 PE & 16000 CE. 

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

RESISTANCE LEVELS:- 7390, 7452, 7489 & 7551
SUPPORT LEVELS:- 7340, 7290 & 7229

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

RESISTANCE LEVELS:- 
15101, 15180, 15229 & 15308
SUPPORT:- 
14972 & 14869 & 14765

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 19.86
PUT CALL RATIO ON BASIS OF OI IS 0.83

FINAL CONCLUSION

Looking at options chain we feel that 7300 PE shall act as support and time being halt which is also confirmed by additions in 7400 & 7500 CE additions today. But again this should also be confirmed by Bank Nifty. Also as expiry for January series is near options data may not reflect true picture.

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TECHNICAL ANALYSIS WORKSHOP

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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.