NIFTY & BANK NIFTY VIEW FOR 08/09/2016

WE HAD ALREADY INFORMED ALL OF YOU THAT WE DO NOT SEE NIFTY 9000 CROSSING CONVINCINGLY BEFORE MID-NOVEMBER OR DECEMBER 2016. WE STILL STAND ON THAT VIEW OF OURS.

NOW IF WE TALK ABOUT LAST TRADING SESSION THEN OUR VIEW /TRADING DECISION OF NO TRADE ZONE FOR INDEX WAS GOOD ENOUGH AS THERE WAS HUGE VOLATILITY IN TIGHT RANGE OF 40 POINTS.

LETS TRY TO UNDERSTAND CHANGES IN OI DATA.

Nifty

September Series

More or less same thing is happening in OC. But during trading session not only ITM but with that ATM & OTM CE liquidations till 9000 can be seen. But additions in near by 8800-8900 PE gives hint of some downside in coming 2-3 sessions. Before in September series we do not see any major fall below 8500. Infact any news fall till 8600 should be considered as buying opportunity.

Highest OI tag is with 8600 PE & 9000 CE.

Bank Nifty 

September Series (Weekly Expiry - Immediate)

Mammoth additions in 20600-20700 CE during last trading session indicates caption at those levels. Over 600k shares were added in 20200-20400 PE so that can be inferred as some downside coming in today's session. 

Highest OI tag is with 20200 PE & 20700 CE.

September Series (Weekly Expiry - Next)

Huge OI at 21000 CE indicates strong resistance at those levels. Further downside at present is limited till 20000 levels. 

Highest OI tag is with 20000 PE & 21000 CE.

September Series (Monthly Expiry)
Still huge OI can be seen at 20000 CE and very less quantum of liquidations indicates that Bulls are still no in mood of sparing Bears at current levels, Good additions in 20500-21000 CE also confirms it. In coming days we may expect 20000 PE gains highest OI tag from 19000 PE. 

Highest OI tag is with 19000 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 24.45

PE RATIO FOR BANK NIFTY STANDS AT 30.12

SEPTEMBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.38
BANK NIFTY PCR ON BASIS OF OI IS 1.31

FINAL CONCLUSION

Nifty & Bank Nifty
AT PRESENT WE ARE NOT HAVING ANY OPEN POSITION BUT WE MAY INITIATE BUYING FROM LOWER LEVELS. 

NIFTY

Nifty Last Close 8917
Support - 8850-8845, 8825-8820, 8755-8750 & 8700-8690
Resistance - 8945-8950, 8990-9000 & 9045-9060

BANK NIFTY

Nifty Last Close 20406
Support - 20300-20290, 20200-20180, 20100-20080 & 19960-19985
Resistance - 20480-20490, 20560-20570 & 20640-20660

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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.