NIFTY & BANK NIFTY VIEW FOR 09/09/2016

LAST TRADING SESSION WAS AGAIN RANGE-BOUND MOVE WITH MIXED BIAS.

LETS TRY TO UNDERSTAND CHANGES IN OI DATA.

Nifty

September Series

Very smartly Bulls are able to manipulate options chain in this monthly series. 8500 PE lost highest OI to 8600 but then on PE front slowly and slowly additions are made in higher strike prices (8700 & 8800) CE Front 9000 is still standing strong with highest OI mark but OI in higher strike prices should also be not ignored. 

Highest OI tag is with 8600 PE & 9000 CE.

Bank Nifty 

September Series (Weekly Expiry - Immediate)

Huge OI at 21000 CE indicates strong resistance at those levels. Further downside at present is limited till 20000 levels (Repeat comment) Further to add that additions 20500-20600-20700-20800 gives hint of some good upside in coming days. 

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. (Repeat paragraph)

Now if we talk about additions in 20500 & 21000 CE then it confirms bullish momentum may continue in coming days. Additions in 19500 & 20000 PE also indicates shifting of support at higher levels. 

Highest OI tag is with 19000 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 24.54

PE RATIO FOR BANK NIFTY STANDS AT 30.14

SEPTEMBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.43
BANK NIFTY PCR ON BASIS OF OI IS 1.35

FINAL CONCLUSION

Nifty & Bank Nifty
Though we have high PCR at present somehow we feel PCR may not help Bears for downside and hence this bullish momentum may continue going ahead. 

NIFTY

Nifty Last Close 8953
Support - 8900-8905, 8850-8845, 8825-8820, 8755-8750 & 8700-8690
Resistance - 8990-9000 & 9045-9060

BANK NIFTY

Nifty Last Close 20417
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.