NIFTY & BANK NIFTY VIEW FOR 07/09/2016

LAST TRADING SESSION WAS COMPLETELY OUT OF OUR EXPECTATION AND THAT ENDED UP WITH HITTING OUR STOPLOSS OF 8800 PE.

SOMEHOW IN LAST COUPLE OF DAYS OUR VIEW IS NOT GOING CORRECT AND HENCE DUE TO THAT FACT WE WOULD LIKE TO BE IN AUDIENCE MODE FOR INDEX TRADING AT PRESENT.

LETS TRY TO UNDERSTAND CHANGES IN OI DATA.

Nifty

September Series

Same old process of ITM CE liquidation and PE additions is going on but Bulls have continued their momentum irrespective any Technical or OC based interpretation/understanding. More than 2400k shares were liquidated on CE front in different strike prices from 7500 to 9000 whereas on PE front about just little above 4200k shares were added between 8700 to 9100 PE. 

Highest OI tag is with 8600 PE & 9000 CE.

Bank Nifty 

September Series (Weekly Expiry - Immediate)

Shifting of highest OI tag is so fast in last 2-3 weekly expiry that any view only on basis of OI and/or additions is not solving any purpose infact with charts also it is not going in our favor. 

Highest OI tag is with 19500 PE & 20500 CE.

September Series (Monthly Expiry)
Changes in weekly expiry contract is so fast that monthly OC is not showing anything major. 

Highest OI tag is with 19000 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 24.52

PE RATIO FOR BANK NIFTY STANDS AT 30.15

SEPTEMBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.35
BANK NIFTY PCR ON BASIS OF OI IS 1.03

FINAL CONCLUSION

Nifty & Bank Nifty
As discussed earlier moves in Bank Nifty OC in weekly contracts are so fast and sudden that our views are not going correct further changes in Nifty OC are also so sudden that if 9000 CE looses highest OI tag it wouldn't be any surprise to us. 

THOUGH MOMENTUM IS STRONG WE ARE IN NO TRADE ZONE FOR SESSION OR TWO. 

NIFTY

Nifty Last Close 8943
Support - 8850-8845, 8825-8820, 8755-8750 & 8700-8690
Resistance - 8990-9000 & 9045-9060

BANK NIFTY

Nifty Last Close 20426
Support - 20200-20180, 20100-20080 & 1996-19985
Resistance - 20480-20490, 20560-20570 & 20640-20660

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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.