NIFTY & BANK NIFTY VIEW FOR 30/08/2016

OUR SUPPORT LEVELS WERE RESPECTED FOR NIFTY & BANK NIFTY DURING LAST TRADING SESSION AND GOOD BOUNCE WAS SEEN FROM LOWER LEVELS.

AT PRESENT WE SEE NIFTY & BANK NIFTY EOD CHARTS AS UNDER:-

NIFTY EOD CHART

Looking at chart we can say that strong zone at 8515-8540 zone is there and very fall/dip till that level is buy with stoploss level of 8490 for risk reward of 1:2 minimum. 

BANK NIFTY EOD CHART

Till the time Bulls are able to manage/lift Bank Nifty above 18950 level we do not see any major fall.  

LETS TRY TO UNDERSTAND CHANGES IN OI DATA.

Nifty

September Series

Huge additions in 8500 PE is good change for Bulls. Both sides of OC is going through massive built-up which is nothing but is preparation of some big explosive move. But looking at total OI on CE front in 8700-8800-8900-9000 we feel that probable move would be on upside only. 

Highest OI tag is with 8500 PE & 9000 CE.

Bank Nifty 

September Series (Weekly Expiry - Immediate)

In our last post also we had discussed and still sharing same view that 19000-19100 PE is going through strong base built-up and that may act as strong support. Still mammoth additions is taking around 19000 PE (within range of 200 points) CE front also good built-up can be seen but till Wednesday EOD we do not see close above 19500 level. 

Highest OI tag is with 19000 PE & 19500 CE.

September Series (Monthly Expiry)

Monthly expiry also depicting more or less similar story at present. Strong formation can be seen at 19000 levels. Upside hurdle at present is at 20000. 

Highest OI tag is with 19000 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 23.60

PE RATIO FOR BANK NIFTY STANDS AT 28.37

SEPTEMBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.13
BANK NIFTY PCR ON BASIS OF OI IS 1.07

FINAL CONCLUSION

Nifty & Bank Nifty
PCR is in favor of  Bears at present but somehow till the time Bulls are managing close above 8500 we do not see any major fall. Further till the time we are getting bounce from 8520 levels is very very good indication for Bullish momentum.

Now Lets see Bank Nifty.
Strong base formation is taking place at 19000 level. In any case if we see bounce from 18950 level it should be buy with stop loss of 18875 on spot basis. Further if we see spot Bank Nifty sustaining above 19000 then we can see upside move till 19680, 19820 & 20000 levels before expiry. 

NIFTY

SUPPORT:- 8615-8610, 8545-8540, 8515-8510 & 8495-8490

RESISTANCE:- 8645-8650, 8670-8675 & 8695-8700

BANK NIFTY

SUPPORT:- 19135-19120, 19090-19080, 19015-19030 & 19000-18900

RESISTANCE:- 19240-19250, 19340-19350 & 19420-19435

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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

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.