NIFTY & BANK NIFTY VIEW FOR 04/03/2016

YESTERDAY BULLS MANAGED TO CLOSE BANK NIFTY ABOVE HIGHEST OI AND TODAY BULLS MANAGED TO KEEP BANK NIFTY MOVES BIT MUTED AND SLOWLY SLOWLY POSITIONS WERE BEING BUILT AT HIGHER CE STRIKE PRICES.

BY CLOSING BULLS MANAGED TO LIFT HIGHEST OI TAG FROM 15000 TO 16000...!!!

NOW IF WE TALK ABOUT BREAKOUT CHART THEN BELOW IS UPDATED CHART FOR NIFTY.

AS WE CAN SEE IN THAT CHART NIFTY MAY FACE RESISTANCE AT 7600 LEVEL THEN IF AT 7675-7720 (GAP ZONE)

ANYWAY LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.

March Series 
Nifty ~ Some liquidations were seen in far OTM PE. But mammoth additions were seen in 7000 to 7400 PE (considered additions above 300k in OI) whereas small additions were seen in 7500,7600 and 7800 CE. 

Highest OI tag is with 7000 PE & 7500 CE. 

Bank Nifty ~ Bulls very smartly lifted highest OI tag on CE Front to 16000 CE from 15000 CE also on PE front same got shifted to 14000 PE (from 13500) 

Highest OI tag is with 14000 PE & 16000 CE. 

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

RESISTANCE LEVELS:- 7487, 7512 & 7600
SUPPORT LEVELS:- 7417, 7304 & 7213 

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

RESISTANCE LEVELS:- 15355, 15682 & 16220
SUPPORT LEVELS:- 14813, 14545 & 14276

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 20.22
PE RATIO FOR BANK NIFTY STANDS AT 16.77
(as on 02/03/2016)

MARCH SERIES
NIFTY PCR ON BASIS OF OI IS 1.14
BANK NIFTY PCR ON BASIS OF OI IS 1.09

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) (repeat comment from last 2-3 posts) and if we see spot Nifty close then bulls even did not waited for weekly close and managed for 7500 almost...!!!

Nifty
Again bulls managed to steal show..!!! But looking at number of sessions left for expiry we feel some correction cannot be ruled out in coming sessions as after very long time PCR is also inching towards over bought zone.

Bank Nifty
Bank Nifty remained subdued today due to positions building higher strike price CE. But we can see some upswing in it if same is supported by Nifty. (As Nifty is closed near to highest OI CE)

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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.