NIFTY & BANK NIFTY VIEW FOR 12/09/2016

LAST TRADING SESSION WAS COMPLETELY OPPOSITE TO OUR EXPECTATION. NOW BEFORE WE DISCUSS ANYTHING FURTHER STUDY NIFTY CHART AT PRESENT.

MONTHLY CHART:-

SPOT NIFTY MONTHLY CHART

We can see this is Nifty is in uptrend also on monthly chart several different bullish patterns are in action. As per few target is coming to 10200-10500 in coming few months but those targets are of no meaning to us at present as we see Nifty only as trading opportunity. 

DAILY CHART:-

Spot Nifty Daily Chart 

We have already showed this view few posts back but at present as per Options data and several other indicators we feel that 8740-8760 may act as strong support below that 8700-8680 is next probably target for Bears. 

LETS TRY TO UNDERSTAND CHANGES IN OI DATA.

Nifty

September Series

9000 CE maintained it highest OI tag and further addition in that strike price hints that 9000 may not be crossed in this series. Now liquidations are taking place in ATM & nearby OTM PE strike PE which is nothing else but pure profit booking. At present OI at 8600 PE indicates strong at that level but if that slips to 8500 we won't be surprised. Good quantum of OI at 8500-8600-8700-8800 indicates chances of downside is more than upside at present. 

Highest OI tag is with 8600 PE & 9000 CE.

Bank Nifty 

September Series (Weekly Expiry - Immediate)

Huge OI at 20500 & 21000 CE indicates strong resistance at those levels. Further downside at present is limited till 20000 levels but flashes below 20000 cannot be ruled out. Further to add that somehow 19500 PE may gain highest OI mark in next session or two. 

Highest OI tag is with 20000 PE & 21000 CE.

September Series (Monthly Expiry)
Still huge OI can be seen at 20000 CE but OI at 20500 & 21000 is very high so gain flashes near to 20500-20600 cannot be ruled out in this series. On PE front high OI at 19000 indicates strong support but somehow we feel that 19500 PE may take lead and that may act as strong support. 

Highest OI tag is with 19000 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 24.31

PE RATIO FOR BANK NIFTY STANDS AT 29.88

SEPTEMBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.33
BANK NIFTY PCR ON BASIS OF OI IS 1.35

FINAL CONCLUSION

Nifty & Bank Nifty
Global cues after we closed on Friday are not very good. But we are already having taken PE positions on buying side so at present we need to wait for opening for exact inference for our open positions and further trading opportunity. 

NIFTY

Nifty Last Close 8867
Support - 8850-8845, 8825-8820, 8755-8750 & 8700-8690
Resistance - 8900-8905, 8990-9000 & 9045-9060

BANK NIFTY

Nifty Last Close 20245
Support - 20200-20180, 20100-20080 & 19960-19985
Resistance - 20290-20300, 20480-20490, 20560-20570 & 20640-20660

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STANDARD DISLCOSURE:-

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.

WE REQUEST ALL READERS TO GIVE THEIR FEEDBACK ON NIFTY50STRIKER@GMAIL.COM OR BY CALLING ON 08866145155 OR BY COMMENTING ON THIS BLOG POST.

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.