NIFTY & BANK NIFTY VIEW FOR 23/02/2016

7200 PE SHALL ACT AS GAME SPOILER WAS OUR VIEW FOR TODAY'S SESSION AND IT PROVED ITS WORTH...!!!

ALSO WE HAD SAID THAT ANY SWING BASED TRADE SHOULD BE DONE WITH STOP LOSS AND THAT TOO WAS PERFECTLY OBLIGED BY BULLS & BEARS...!!!

ANYWAY LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.

February Series 
Nifty ~ Highest OI tag is still with 7400 CE but additions in 7150 to 7350 PE are quite interesting. 

Bank Nifty ~ Highest OI tag is with 14000 PE & 15000 CE but additions 14400 PE may spoil bull party. 

March Series 
Nifty ~ Good Additions are made in 7500 & 7700 CE during today's session. Mammoth OI in 7000 PE gives indication of strong support at 7000 mark. 
Highest OI tag is with 7700 CE & 7000 PE.

Bank Nifty ~ Small additions were seen in 1400 PE & 14500-15000 CE during today's session. 
Highest OI tag is with 14000 PE & 15000 CE.

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

RESISTANCE LEVELS:- 7321 & 7427
SUPPORT LEVELS:- 7148, 7041, 6975 & 6869

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

RESISTANCE LEVELS:- 14526 & 14747 
SUPPORT LEVELS:- 14252, 14084 & 13811

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 19.50
(as on 19/02/2016)
PE RATIO FOR BANK NIFTY STANDS AT 15.90
(as on 19/02/2016)

FEBRUARY SERIES

NIFTY PCR ON BASIS OF OI IS 0.83
BANK NIFTY PCR ON BASIS OF OI IS 0.69

MARCH SERIES

NIFTY PCR ON BASIS OF OI IS 0.78
BANK NIFTY PCR ON BASIS OF OI IS 1.43

FINAL CONCLUSION

7200-7400 is range till expiry this is what we expect. But now if we look at 7250 PE & 73000 CE then again consolidated moves with positive bias is what we expect  in next trading session. If bulls manage to life Bank Nifty above 14500 then we can expect some fireworks in coming days. 

As we feel momentum is quite bullish and bulls are preparing their road ahead for next series which may help option writers to write options at higher strike prices. (repeat comment) 

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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.

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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.