NIFTY & BANK NIFTY OBLIGED OUR VIEW WHICH WE HAD GIVEN IN OUR LAST POST.
TODAY WE HAD SEE SOME FLASHES BELOW 21 EMA BUT AGAIN ON CLOSING BASIS IT ACTED AS GOOD SUPPORT.
IF WE TALK ABOUT BANK NFTY THEN IT IS WAY ABOVE 21 EMA. INFACT IT IS RESPECTING 13 EMA AT PRESENT.
PE RATIO FOR NIFTY STANDS AT 21.25TODAY WE HAD SEE SOME FLASHES BELOW 21 EMA BUT AGAIN ON CLOSING BASIS IT ACTED AS GOOD SUPPORT.
IF WE TALK ABOUT BANK NFTY THEN IT IS WAY ABOVE 21 EMA. INFACT IT IS RESPECTING 13 EMA AT PRESENT.
NOW LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.
Nifty
Good quantum of liquidation was seen in 7700 PE (273k shares) whereas 7900, 8000 & 8100 PE together shed about 250k shares in OI. Infact it is very good to see that near OTM & highest PE OI undergone reduction in OI. But at the same time addition of more than 700k shares can be seen in 7300 to 7600 PE (not considered XX50 strike PE) But on CE front right from 7700 to 8400 CE added 2800k shares in OI.
Highest OI tag is with 7700 PE & 8200 CE. (same)
Bank Nifty
17000 & 17500 CE together added more than 140k shares in OI. But 16500 PE witnessed additions of more than added more than 75k shares. Some liquidation can be seen in few ITM PE but that is not on very high quantum.
Highest OI tag is with 16000 PE & 17500 CE. (same)
Bank Nifty
17000 & 17500 CE together added more than 140k shares in OI. But 16500 PE witnessed additions of more than added more than 75k shares. Some liquidation can be seen in few ITM PE but that is not on very high quantum.
Highest OI tag is with 16000 PE & 17500 CE. (same)
NOW LETS SEE SOME IMPORTANT NIFTY RATIO
PE RATIO FOR BANK NIFTY STANDS AT 18.08
MAY SERIES
NIFTY PCR ON BASIS OF OI IS 0.92
BANK NIFTY PCR ON BASIS OF OI IS 0.82
FINAL CONCLUSION
Nifty & Bank Nifty
With Nifty taking support near to 21 EMA and liquidation in 7700 it seems Bears are getting tired. As we can also see major additions can be seen on CE front.
But additions n 7500 & 7600 hints some caution is needed going forward. On downside we expect support at 7775-7785 zone. Below that again gap filling fall may come in.
As expected in last post Bank Nifty may took support at 16519 levels against expected support zone of 16400-16500. If we correlate Bank Nifty options data then we do not see any major downside like today.
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ABOUT AUTHOR ~ MANUSH VADHER
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