AS DISCUSSED IN OUR LAST POST NIFTY FUTURE TOOK REVERSAL FROM 7780 (WE HAD GIVEN SUPPORT LEVEL 7787 AND 7750-7760 AS CRUCIAL SUPPORT ZONE)
NOW LETS RECHECK UPDATED NIFTY FUTURE CHART.
AS WE CAN SEE THAT NIFTY FUTURE TOOK SUPPORT NEAR TO PREVIOUS LOW (7775) AND 200 DAY EMA.
Bank Nifty
Bank Nifty Future recovered more than 350 points from day's low. On CE front more than 120k shares were added from 15500 to 17000 CE whereas but additions are from 16600 to 17000 only which is about 115k shares.
On PE front minor liquidation can be seen from 15500 to 17000 PE of 10k shares with major additions in 16500 & 16600 PE.
Highest OI tag is with 16000 PE & 17000 CE.
PE RATIO FOR NIFTY STANDS AT 21.54NOW LETS RECHECK UPDATED NIFTY FUTURE CHART.
AS WE CAN SEE THAT NIFTY FUTURE TOOK SUPPORT NEAR TO PREVIOUS LOW (7775) AND 200 DAY EMA.
NOW LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.
Nifty
May Series
Though Bulls managed to recover more than 100 points from today's low by the end of the day Bears still managed to add more than 1725k shares in today's session (from 7500 to 8000). Further to add that 7900 PE is still having significant OI and till the time Nifty future is not closing above it convincingly it cannot be ignored. But particularly from 7500 to 7900 PE one sided additions can be seen of more than 1885k shares.
On CE front from 7500 to 8000 about 750k shares were liquidated. Infact above 8000 CE also we can see liquidations took place. Except 7850, 7900 & 7950 CE all strike prices undergone reduction in OI; these prices added more than 245k shares in OI.
Highest OI tag is with 7700 PE & 8000 CE.
Bank Nifty
Bank Nifty Future recovered more than 350 points from day's low. On CE front more than 120k shares were added from 15500 to 17000 CE whereas but additions are from 16600 to 17000 only which is about 115k shares.
On PE front minor liquidation can be seen from 15500 to 17000 PE of 10k shares with major additions in 16500 & 16600 PE.
Highest OI tag is with 16000 PE & 17000 CE.
NOW LETS SEE SOME IMPORTANT NIFTY RATIO
PE RATIO FOR BANK NIFTY STANDS AT 18. 34
(Bank Nifty ratio as on 13/05/2016)
MAY SERIES
NIFTY PCR ON BASIS OF OI IS 0.87
BANK NIFTY PCR ON BASIS OF OI IS 0.85
FINAL CONCLUSION
Nifty & Bank Nifty
Additions in 7900 CE too hints for more upside but we feel more upside can be expected only if Bulls managed to lift Nifty Future above 7940 on closing basis with good additions in OI 8000 & above CE this is because from last few series we see that 8000 is acting as stiff resistance.
Nifty Future Resistance at 7945-8000
Nifty Future Support 7845-7820-7792
Additions in 16600 to 16800 indicates that Bulls may try to lift Bank Nifty more on upside.
Bank Nifty Future Resistance at 16830-16970
Bank Nifty Support at 16710-16640-16550
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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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