NIFTY & BANK NIFTY VIEW FOR 03/03/2016

RIGHT ON FIRST DAY OF MARCH SERIES BEARS MANAGED TO CLOSE NIFTY BELOW HIGHEST OI PE AND TODAY SAME HAS BEEN SET OFF BY BULLS BY LIFTING BANK NIFTY ABOVE HIGHEST CE OI...!!!

NOW IF TALK ABOUT CHART which WE HAD POSTED ON OUR FACEBOK PAGE THEN YES THAT CHANNEL PATTERN BREAKOUT HAS TAKEN PLACE...!!!

FOR EASY REFERENCE WE ARE POSTING BOTH THE CHARTS.

AFTER BREAKOUT IT LOOKS AS UNDER:-

IF WE COMPARE ABOVE PATTERN WITH TEXTBOOK PATTERN THEN IT IS CHANNEL PATTERN AND TARGET COMES AT 7800...!!!

ANYWAY LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.

March Series 
Nifty ~ Major liquidations we seen from 6500 to 7300 CE against which additions were seen in 7400, 7600, 7800 & 7900 CE. (Considered net additions more than 300k shares in OI ) If we talk about PE Front then far OTM liquidations was seen with mammoth additions from 7000 to 7400 PE (considered additions more than 300k only)  

Highest OI tag is with 7000 PE & 7500 CE. 

Bank Nifty ~ Good quantum of additions were seen in 15500 & 16000 CE. On PE Front 14500 & 15000 witnessed additions. 

Highest OI tag is with 13500 PE & 15000 CE. 

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

RESISTANCE LEVELS:- 7417, 7487 & 7512
SUPPORT LEVELS:- 7304, 7213 & 7122

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

RESISTANCE LEVELS:- 15146, 15355 & 15682
SUPPORT LEVELS:- 14813, 14545 & 14276

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 19.93
PE RATIO FOR BANK NIFTY STANDS AT 16.02
(as on 01/03/2016)

MARCH SERIES
NIFTY PCR ON BASIS OF OI IS 1.05
BANK NIFTY PCR ON BASIS OF OI IS 1.04

FINAL CONCLUSION

Quarterly close (Jan-March) below 7500 shall make Bear more powerful. Weekly (till March expiry) close above 7300 can give some hope of pull back till 7500...!!! (Valid till March series expiry)

Nifty
After 225+ points rally again, Today Bulls managed to steal show by gap up and then close with gains of almost 150 points. Again additions in far OTM & nearby CE leads some more space for more upside. But close above 7500 seems tough job for Bulls. 

Bank Nifty
Close above highest CE OI reflects shows strength of bulls as only 4 sessions have passed till now. Though more than 1000 points rally is seen in Bank Nifty in last 2 days we feel still there is upside steam left. 

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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.