AGAIN NIFTY OBLIGED FOR FULL DAY AND BANK NIFTY TOO RESPECTED IN 1st HALF.
TO KNOW WHAT WE HAD SAID ABOUT NIFTY & BANK NIFTY IN OUR LAST BLOG POST CLICK HERE.
WHY WE HAD THAT WE EXPECT NIFTY TO BE BIT BEARISH WAS FOR THE REASON THAT BULLS WERE NOT TO CROSS 7993 (RESISTANCE LEVEL) MARK WITH HIGH OI AT 8000 CE IT WAS VERY MUCH CLEAR THAT BEARS SHALL COME BACK.
PLEASE WE CORRELATE CHARTS & OPTIONS DATA.
PE RATIO FOR NIFTY STANDS AT 21.30TO KNOW WHAT WE HAD SAID ABOUT NIFTY & BANK NIFTY IN OUR LAST BLOG POST CLICK HERE.
WHY WE HAD THAT WE EXPECT NIFTY TO BE BIT BEARISH WAS FOR THE REASON THAT BULLS WERE NOT TO CROSS 7993 (RESISTANCE LEVEL) MARK WITH HIGH OI AT 8000 CE IT WAS VERY MUCH CLEAR THAT BEARS SHALL COME BACK.
PLEASE WE CORRELATE CHARTS & OPTIONS DATA.
NOW LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.
May Series
Nifty ~ More than 1500k shares were added in 7700 PE. Whereas on CE front more than 3000k shares were added from 7700 to 8300 CE (Not considered XX50 strike price) Further too add still position built-up is in action so exact inference out of options chain is bit difficult.
Highest OI tag is with 7700 PE & 8200 CE.
Bank Nifty ~ 17000 & 17500 CE together added more than 150k shares in OI which can be considered good before inception current month series. On PE front 16000 & 16500 PE added more than 165k shares in OI which can be consdered as strong base built-up.
Highest OI tag is with 16000 PE & 17500 CE.
Highest OI tag is with 7700 PE & 8200 CE.
Bank Nifty ~ 17000 & 17500 CE together added more than 150k shares in OI which can be considered good before inception current month series. On PE front 16000 & 16500 PE added more than 165k shares in OI which can be consdered as strong base built-up.
Highest OI tag is with 16000 PE & 17500 CE.
NOW LETS SEE SOME IMPORTANT NIFTY RATIO
PE RATIO FOR BANK NIFTY STANDS AT 18.49
MAY SERIES
NIFTY PCR ON BASIS OF OI IS 0.96
BANK NIFTY PCR ON BASIS OF OI IS 0.78
FINAL CONCLUSION
Nifty & Bank Nifty
Mammoth additions in 7700 PE gives hint strong base formation at that level. At immediate basis we feel that 7820 will act as strong support but below that GAP-FILLING dpp cannot be ruled out. (Gap-Area 7709-7777) But on upside we can expect upside till 8100 in May series.
Looking at additions n Bank Nifty at 16000 & 16500 PE we feel that strong base formation is taking place at 16000 level.
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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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