NIFTY & BANK NIFTY VIEW FOR 01/08/2016

LAST TRADING SESSION AS EXPECTED WAS RANGE BOUND AND WHOLE DAY PASSED IN CONSOLATION ONLY.

NOW LETS TRY TO LOOK AT NIFTY CHART AT PRESENT. 

AS HIGHLIGHTED/INDICATED BY YELLOW ARROWS WE CAN SEE THAT 8600 MAY ACT AS STRONG SUPPORT.

NOW LETS TRY TO SEE BANK NIFTY DAILY CHART.

AT PRESENT ASCENDING TRIANGLE IS GETTING FORMED ON DAILY CHARTS BUT TILL THE TIME WE DO NOT SEE ANY BREAKOUT NOTHING CAN BE SAID.

ANYWAY LETS TRY TO UNDERSTAND/STUDY OPTIONS DATA.

Nifty

August Series

Still 19 sessions are left for August month expiry and positions built-up is taking place so we need to take help of charts too. (Already discussed/analysed/shared) But still need more built-up is required at 8500 PE (to act as strong support) also looking at OI at 8800 CE and comparing it with OI at 9000 CE some doubt rises over 9000 CE highest OI tag. 

Highest OI tag is with 8500 PE & 9000 CE.

Bank Nifty 
4th August 2016 Option chain (Weekly Expiry)

Still 4 sessions to go for this expiry and 18800 PE has gained highest OI tag (from 19000 PE). 18800 & 18900 PE undergone huge additions during last trading session but more than 725k shares were also added between 19000-19500 CE. 

Highest OI tag is with 18800 PE & 19500 CE.

August Series (Monthly Expiry)

Due to 1st day of August series good additions can be seen on both side of options chain. Nothing much can be inferred as we have weekly series too. 

Highest OI tag is with 18500 PE & 19500 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 23.62
PE RATIO FOR BANK NIFTY STANDS AT 26.82

AUGUST SERIES
NIFTY PCR ON BASIS OF OI IS 0.85
BANK NIFTY PCR ON BASIS OF OI IS 0.97

FINAL CONCLUSION

Nifty & Bank Nifty
Lets first see Nifty.
Both side strong built-up can be seen in options chain. As explained in chart earlier we can see strong support at 8600 on closing basis but as discussed earlier many times still we do not expect closing below 8500 for 3 sessions in row except any dramatic news/event. 

Hourly chart strong support at 8620 level (on hourly closing) 

Now Lets see Bank Nifty.
As discussed in weekly options chain data 18800 PE may act as strong support. Further below that strong support can be found at 18500 mark. But if we see hourly chart & very short term chart we strong resistance can be found at 19125-19175 zone. If that is crossed then we can see upside moves till 19850-19875. Further to add to this view we have strong built-up at 20000 CE monthly options chain. But till the time 19100 and 18800 is not breached positional trading beyond this is not recommended. 

Open Position at Present (Confirmed with you all)

NIFTY trade is on basis of OC and chart. (8500 CE)

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STANDARD DISLCOSURE:-

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

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