ONCE AGAIN ALERT GIVEN WORKED VERY WELL AND NIFTY RESPECTED OUR VIEW...!!!
DURING LAST TRADING SESSION WE HAD TRIED TO GIVE CAUTION WHEN MAMMOTH ADDITIONS OF ABOUT 1100K SHARES TOOK PLACE 7800 PE ON OUR TWITTER ID THEREAFTER BEARS MANAGED BRING NIFTY BELOW 7750 LEVEL.
PLEASE NOTE OUR BLOG POSTS ARE AS PER EOD DATA AND UPDATE ON TWITTER AND/OR FACEBOOK ARE ON LIVE BASIS DURING MARKET HOURS.
NOW LETS TRY TO MOVE FORWARD TO OPTION CHAIN ANALYSIS.
Nifty
May Series
More than 670k shares were liquidated on PE front during last trading session from 7500-8000 PE. But interesting thing is from 7700-8000 more than 1200k shares were liquidated which can be considered profit booking but PE due to one sided Nifty move in last 3 trading sessions.
On CE front about 1850k shares were added from 7500-8000 CE but major addition took place in 7700-7950 CE which is about 2407k shares.
Highest OI tag is with 7700 PE & 8000 CE.
June Series
More than 344k shares were added during last session 7500-8000 PE with major additions in 7500 & 7700 PE.
About 850k shares were added in different CE ranging from 7500-8000 but major additions in 7700, 7800 & 8000.
Highest OI tag is with 7700 PE & 8000 CE.
Bank Nifty
Highest OI tag is with 16000 PE & 17000 CE.
May Series
More than 95k shares were liquidated on PE front in different strike prices from 16000-17000. But major liquidation took place in different PE strikes from 16500-17000 which is about 125k shares.
CE front about 190k shares were added in different strikes from 16000-17000 with major addition 16500, 16600 & 16800 CE.
June Series
About 20k shares were added in PE front in different strike prices from 16000-17000 PE.
More than 38k shares were added in different strikes from 16000-17000 CE.
Highest OI tag is with 15500 PE & 17000 CE
NOW LETS SEE SOME IMPORTANT NIFTY RATIO
PE RATIO FOR BANK NIFTY STANDS AT 18.88
MAY SERIES
NIFTY PCR ON BASIS OF OI IS 0.76
BANK NIFTY PCR ON BASIS OF OI IS 0.78
JUNE SERIES
NIFTY PCR ON BASIS OF OI IS 1.09
BANK NIFTY PCR ON BASIS OF OI IS 1.40
FINAL CONCLUSION
Nifty & Bank Nifty
Both May & June series having same resistance level at 8000 level. But if we see June series then OI at 7500 & 7700 PE is almost the same so that may play vital role ahead. But looking at major liquidation in ITM PE it seems that in next 4 sessions downside is limited till flashes below 7700 with condition no major addition in 7700 or 7600 PE. Also looking at additions on CE front in last few sessions we feel Nifty may test 7900 levels before expiry.
Nifty Future Resistance at 7800-7830-7860
Nifty Future Support 7760-7720-7690
Bank Nifty closed bit far from highest OI on PE front but looking at liquidation in ITM PE strikes we feel that here also bounce cannot be ruled out. On upside resistance will be at 16800 level.
Bank Nifty Future Resistance at 16580-16670-16735-16800
Bank Nifty Support at 16450-16375-16320
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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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