NOW RBI POLICY IS OVER AND BANK NIFTY HAD FALLEN MORE THAN 600 POINTS IN LAST WEEK AND IT HAS FORMED BEARISH ENGULFING CANDLE PATTERN WHICH INDICATES BEARISH MOVE AHEAD.
LETS TRY TO STUDY NIFTY & BANK NIFTY CHARTS ON DIFFERENT TIMEFRAME.
PE RATIO FOR NIFTY STANDS AT 20.75LETS TRY TO STUDY NIFTY & BANK NIFTY CHARTS ON DIFFERENT TIMEFRAME.
NIFTY WEEKLY CHART
NIFTY DAILY CHART
We can see that Bulls were not able to lift Nifty above resistance kind of acting trendline convincingly on weekly charts.
BANK NIFTY WEEKLY CHART
BANK NIFTY DAILY CHART
Though Bulls managed to give breakout on account of RBI Event but then Bears managed to take all on their shoulders to push Bank Nifty down more than 600 points.
ANYWAY LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.
April Series
Nifty ~ Huge liquidations was seen in 7500 to 7700 PE leads to some surprise with mammoth additions in 7000 PE. CE front too additions in 7600 & 7700 is quite surprising.
Highest OI tag is with 7500 PE & 8000 CE.
Bank Nifty ~ Good additions were seen in 15500,16000 & 16500 CE with 14500 & 15000 PE.
Highest OI tag is with 15000 PE & 17000 CE.
Nifty ~ Huge liquidations was seen in 7500 to 7700 PE leads to some surprise with mammoth additions in 7000 PE. CE front too additions in 7600 & 7700 is quite surprising.
Highest OI tag is with 7500 PE & 8000 CE.
Bank Nifty ~ Good additions were seen in 15500,16000 & 16500 CE with 14500 & 15000 PE.
Highest OI tag is with 15000 PE & 17000 CE.
NOW LETS SEE SOME IMPORTANT NIFTY RATIO
PE RATIO FOR BANK NIFTY STANDS AT 17.30
APRIL SERIES
NIFTY PCR ON BASIS OF OI IS 0.75
BANK NIFTY PCR ON BASIS OF OI IS 0.60
FINAL CONCLUSION
Nifty & Bank Nifty
Liquidations in ITM PE with additions in nearby CE hints nearby temporary end of bear market. But as additions in 7000 PE is also very huge in nature we feel that after some temporary bounce (if any) bears shall be back in action and we may see heavy carnage. Also we are expecting some change in highest OI tag for Bank Nifty on CE front which may give more strength to bears.
FROM OUR END WE ARE ON NO TRADE ZONE FOR NIFTY & BANK NIFTY.
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TECHNICAL ANALYSIS TRAINING
WE ALSO CONDUCT TECHNICAL ANALYSIS WORKSHOP VIA ONLINE AS WELL AS ONE ON ONE ON PERSONAL BASIS. FOR DETAILS CONTACT US ON 08866145155 (PHONE CALL ONLY)
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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
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