NIFTY & BANK NIFTY VIEW FOR 24/08/2016

YESTERDAY SOMEHOW 8600 WAS BROKEN IN INTRADAY FLASHES BUT THEN SUPPORT WAS TAKEN AT LOWER LEVELS IN RISING TRENDLINE (CHART ALREADY SHARED WITH YOU ALL) AND BULL MANAGED TO CLOSE NIFTY FLAT....!!!!

FURTHER TO ADD THAT LAST TRADING SESSION CANDLE IS KIND OF REVERSAL CANDLE ON DAILY CHARTS AND WE CAN EXPECT SOME REVERSAL BUT WE FEEL SOMEHOW 8800 WILL NOT BE CROSSED IN TODAY'S SESSION.

8500 PE STILL HOLDING STRONG BUT SOMEHOW DURING LAST TRADING SESSION 8400 PE GAINED HIGHEST OI TAG ON PE FRONT.

Nifty

August Series

Mammoth additions of about 1700k shares was one in last trading session in 8400 PE but we feel that is just to make traders confused about next move and somehow still 8500 PE shall act as strong support. PE front additions indicates some softness or volatile moves. During today's session we may see 8700 CE snatching away highest OI tag from 8800 CE.

Highest OI tag is with 8400 PE & 8800 CE.

(Shifting from 8500 to 8400 on PE Front) 

September Series

Mammoth additions can be seen on both side of OC but still additions on PE front indicates position built-up is taking place at present.

Highest OI tag is with 8500 PE & 9000 CE.

Bank Nifty 

August Series (Monthly Expiry)

Good volumes were seen in last trading session also with some additions in PE front but on CE front 19500-19600 additions indicates strong resistance. We may see some flashes above 19500 but closing basis it may act as strong resistance. 

Highest OI tag is with 19000 PE & 19500 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 23.73
PE RATIO FOR BANK NIFTY STANDS AT 28.85

AUGUST SERIES
NIFTY PCR ON BASIS OF OI IS 0.95
BANK NIFTY PCR ON BASIS OF OI IS 1.11

SEPTEMBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.11

BANK NIFTY PCR ON BASIS OF OI IS 1.05

FINAL CONCLUSION

Nifty & Bank Nifty
August PCR is in control and indicates some upside but September series PCR is very high and indicates some softness but we feel that some additions on CE front can be seen in today session and that may result into some softness in PCR value. At present we are holding 8600 CE timely update shall be given. 

Now Lets see Bank Nifty.
19500 without doubt shall act as strong resistance in today's session. 

FURTHER SUPPORT AND RESISTANCE LEVELS SHALL ALSO BE SHARED VIA WHATSAPP BEFORE MARKET OPENS. 

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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. HE IS ALSO CERTIFIED AS RESEARCH ANALYST FROM SEBI. FURTHER HE HAS CLEARED INVESTMENT ADVISER LEVEL - 1 FROM NISM IN 2014.