NIFTY & BANK NIFTY VIEW FOR 02/09/2016

BANK NIFTY IS HELPING BULLS TO CONTINUE MOMENTUM WHEREAS NIFTY IS BECOMING LAGGARD DAY BY DAY...!!!

LETS TRY TO UNDERSTAND CHANGES IN OI DATA.

Nifty

September Series

Day by day more and more additions are getting added on PE front till 8500 PE and ITM liquidations can be seen on CE front with no major additions. Mammoth OI of more than 1250k shares can be seen at 8500 & 8600 PE which is alarming situation and sudden fall cannot be ruled out. 

Highest OI tag is with 8500 PE & 9000 CE.

Bank Nifty 

September Series (Weekly Expiry - Immediate)

Last series (weekly) Bulls managed smartly highest OI tag and Bears got trapped at every stage. 

Now if we talk about this series then huge OI can be seen in 19600 & 19700 PE with 20000 CE. So on immediate basis Bulls may try to save 19500 on closing basis where Bears shall make an attempt that Bulls do not cross 20000 on closing basis. 

Highest OI tag is with 19700 PE & 20000 CE.

September Series (Monthly Expiry)
Mammoth OI at 20000 won't let Bulls to cross it easily on closing basis. Slowly slowly liquidations are taking place in far ITM CE strike prices. At the same time additions can be seen in PE front except few strike prices. 

Highest OI tag is with 19000 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 24.06

PE RATIO FOR BANK NIFTY STANDS AT 29.21

SEPTEMBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.22
BANK NIFTY PCR ON BASIS OF OI IS 1.04

FINAL CONCLUSION

Nifty & Bank Nifty
PCR is inching slowly lowly towards over bought level and we can see that though Bank Nifty was strong yesterday Nifty was acting as laggard. Further mammoth additions in 8500-8600 PE may act vital role in coming days on downside. Though 9000 CE is having highest OI tag but crossing 8800 on closing basis will be tough task for Bulls.

Now Lets see Bank Nifty.
Bulls managed lift Bank Nifty higher yesterday near to highest OI mark also but 20000 CE did its job and Bears came in driver seat yesterday lately. 

NIFTY

Nifty Last Close 8775
Support - 8760-8750, 8700-8690, 8665-8660 & 8630-8620
Resistance - 8845-8855 & 8990-9000

BANK NIFTY

Nifty Last Close 19788
Support - 19750-19765, 19655-19640, 19555-19530 & 19460-19440
Resistance - 19840-19860 & 19960-19985

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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.