NIFTY & BANK NIFTY VIEW FOR 05/04/2016

AGAIN FLASHES NEAR TO HIGHEST PE OI AND BOUNCE BACK...!!!

FROM PAST FEW SERIES THIS HAS BEEN HAPPENING VERY OFTEN...!!!

TODAY SPOT NIFTY MADE LOW OF 7697 AND HIGHEST OI ON PE FRONT IS AT 7700 PE...!!!

BUT AGAIN AFTER SOME UPSIDE EXPECTATION CLUES NOW AGAIN WE HAVE HGHEST CE OI AT 8000 MARK...!!!

NOW LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.

Nifty

ITM PE liquidation is in continuation to previous sessions where as additions on CE front is also regular phenomenon. More than 900k shares were liquidated in  7700 to 7900 PE. But still caution is required as at lower level at 7400 & 7500 PE additions of more than 550k shares can be seen. On CE front more than 2600k shares were added in 7700 to 8100 CE (except 7900 CE which undergone liquidation) 

Highest OI tag is with 7700 PE & 8000 CE. 

Bank Nifty 
ITM PE liquidation can be seen here too. Infact 16000 PE too undergone liquidation in OI. More than 200k shares were added 16500, 17000 & 17500 CE. 

Highest OI tag is with 16000 PE & 17500 CE. (same) 

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 20.88
PE RATIO FOR BANK NIFTY STANDS AT 17.91
(as on 03/05/2016)

MAY SERIES
NIFTY PCR ON BASIS OF OI IS 0.79
BANK NIFTY PCR ON BASIS OF OI IS 0.79

FINAL CONCLUSION

Nifty & Bank Nifty
Flashes below highest OI was quite surprising but now if we go ahead with OI data and correlating it with charts we can say that Spot Nifty is having strong support zone at 7690-7700 further below that next support comes at 7640-7665. Further to add today gap between 7717-7772 got filled which we had expected earlier. 

Now if we talk about Bank Nifty then liquidation in 16000 PE  also hints of end of Bear party. Support for Bank Nifty is at 16225-16245 zone thereafter at 16040-16090 zone. 

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WORKING AS SHAREKHAN SUB BROKER AND HOLDING MASTER DEGREE IN FINANCE HAVING EXPERIENCE OVER 10 YEARS IN CAPITAL MARKET. 

NIFTY & BANK NIFTY VIEW FOR 04/03/2016