TODAY NIFTY & BANK NIFTY OPENED IN RED AND TO EVERYONE'S SURPRISE BULLS MANAGED TO BRING IT TO GREEN TERRITORY BUT TOWARDS THE END BOTH INDICES CLOSED IN RED.
AT PRESENT WE SEE NIFTY CHART AS UNDER:-
NOW LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.
Bank Nifty
Some liquidations can be seen at 17000 CE (Highest CE OI) Some additions can be seen 17400 & 17500 CE. On CE front total 222k shares were added.
16000 & 16500 PE together added about 185k in shares in OI. On PE front total 164k shares were added.
Highest OI tag is with 16000 PE & 17000 CE. But 17500 CE is short of just 28860 shares to regain highest OI tag on CE front.
PE RATIO FOR NIFTY STANDS AT 21.30AT PRESENT WE SEE NIFTY CHART AS UNDER:-
Symmetrical triangle kind of formation is action on daily chart which also indicates support at 7720-7730.
NOW LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.
Nifty
Additions of more than 450k shares can be seen in 7900 to 8000 CE. Changes in 8100 & 8200 CE are contrasting in nature. Total 174k shares were added on CE front.
If we talk about PE front then 7200 & 7400 PE together added more than 725k shares in OI. Total 323k shares were added on PE front today.
Highest OI tag is with 7700 PE & 8000 CE. (same)
Bank Nifty
Some liquidations can be seen at 17000 CE (Highest CE OI) Some additions can be seen 17400 & 17500 CE. On CE front total 222k shares were added.
16000 & 16500 PE together added about 185k in shares in OI. On PE front total 164k shares were added.
Highest OI tag is with 16000 PE & 17000 CE. But 17500 CE is short of just 28860 shares to regain highest OI tag on CE front.
NOW LETS SEE SOME IMPORTANT NIFTY RATIO
PE RATIO FOR BANK NIFTY STANDS AT 18. 42
(Both ratio are as on 10/05/2016)
MAY SERIES
NIFTY PCR ON BASIS OF OI IS 0.90
BANK NIFTY PCR ON BASIS OF OI IS 0.97
FINAL CONCLUSION
Nifty & Bank Nifty
Additions which took place in 7600 PE during Tuesday's session did not undergone liquidation today. Also looking at OI built-up at 8000 CE we feel somehow Bulls may face difficult to cross 8000 mark.
Nifty Future Resistance at 7879, 7935, 7989 & 8057
Nifty Future Support 7811 & 7770-7765 (zone)
Additions in 17400 & 17500 indicates some bounce like we had today in Bank Nifty but again above 17000 it will be tough job for Bulls to close it.
Bank Nifty Future Resistance at 17055, 17243 & 17475
Bank Nifty Future Resistance at 17055, 17243 & 17475
Bank Nifty Future Support 16700, 16610 & 16462
IN END WE WOULD LKE TO SAY ONLY ONE THING FOR NEXT 3 SESSIONS THAT IF YOU ARE RISK AVERSE TRADER AND CARRY FORWARDING ANY POSITION THEN TRY TO HEDGE YOUR POSITION.
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ABOUT AUTHOR ~ MANUSH VADHER
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