NIFTY & BANK NIFTY VIEW FOR 19/04/2016

MAMMOTH ADDITIONS ON PE FRONT YESTERDAY WHICH TOOK PLACE SHOWED ITS EFFECT TODAY...!!!

YESTERDAY MORE THAN 2800K SHARES WERE ADDED AND TODAY ABOUT 700K SHARES WERE LIQUIDATED. ALSO WE FEEL THAT OUR VIEW OF BEING IN NO TRADE ZONE FOR TODAY'S SESSION WAS GOOD WHICH WE HAD SHARED IN OUR LAST POST.

LETS HAVE LOOK AT NIFTY FUTURE DAILY CHART.

We have made come changes after yesterday's session symmetrical triangle pattern But still looking at OI data either side breakout of this pattern is bit tough.

NOW LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.

Nifty

May Series

As discussed earlier about 70k shares were lquidated today out of 2800k shares added yesterday so still downside from current levels cannot be ruled out in coming days. On CE front more than 800k shares were added during today's sessions. 

Highest OI tag is with 7800 PE & 8000 CE.

Bank Nifty 
From 16000 to 17000 CE about 76k shares were added today but interesting thing is about 73k shares were also added from 17000 to 17500 CE. PE front 42k shares were added but 16500 to 17000 PE more than 52k shares were liquidated. 

Highest OI tag is with 16000 PE & 17000 CE. 

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 21.57
PE RATIO FOR BANK NIFTY STANDS AT 19.16

MAY SERIES
NIFTY PCR ON BASIS OF OI IS 0.93
BANK NIFTY PCR ON BASIS OF OI IS 0.89

FINAL CONCLUSION

Nifty & Bank Nifty
Nifty PCR is in neutral zone. Now if we correlate Nifty Future Daily Chart and Options data then closing below 7800 or above 8000 seems bit tough. This is also confirmed by 34 EMA (7792 - near which Nifty Future took support on Monday) and symmetrical triangle lower trendline. 

Nifty Future Resistance at 7925-7960
Nifty Future Support 7860-7830-7800


Today Bank Nifty Future made low of 16575 took support at 21 EMA and it also respected 16550 support level. But with last close at 16779 level and highest OI at 17000 level we feel that it will not be easy for Bulls to cross 17000 on closing basis. 

Bank Nifty Future Resistance at 16730-16830-16970
Bank Nifty Support at 16640-16550

WE ARE IN NO TRADE ZONE FOR NIFTY & BANK NIFTY FOR REMAINING SESSIONS OF THE WEEK.

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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.

WE REQUEST ALL READERS TO GIVE THEIR FEEDBACK ON NIFTY50STRIKER@GMAIL.COM OR BY CALLING ON 08866145155 OR BY COMMENTING ON THIS BLOG POST.

ABOUT AUTHOR ~ MANUSH VADHER

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