NIFTY & BANK NIFTY VIEW FOR 16/09/2016

LAST TRADING WAS DULL AND BORING. BUT STILL SOME HOW STOCK SPECIFIC MOVES WERE THERE. NOW LETS TRY TO RE-STUDY NIFTY & BANK NIFTY CHART AGAIN.

SPOT NIFTY DAILY CHART

As we have discussed earlier that till the time Spot Nifty is hovering near to upward rising trendline till then Bulls are safe but once that is broken then immediate support comes at 8500-8550 levels. 

SPOT BANK NIFTY DAILY CHART

As we had shared chart during last trading session we can see that Bank Nifty is also moving in similar move but it has got support at 19500-19600 (bit modified) 

LETS TRY TO UNDERSTAND CHANGES IN OI DATA.

Nifty

September Series

8500 PE regained highest OI tag from 8600 PE (Repeat comment) Now we can see that some how accumulation is going on on both side of OC. Somehow PE front valuation is bit stretched than CE front. 

Highest OI tag is with 8500 PE & 9000 CE.

Bank Nifty 

September Series (Weekly Expiry)

Good OI at 19500 PE indicates strong support at those levels. Further we can see that 19000 PE OI is also very high. So we can say that some how if 19500 if broken then next support comes at 19000 levels. On CE front 20000 & 20500 both are having almost same OI. 

Highest OI tag is with 19500 PE & 20500 CE.

September Series (Monthly Expiry)
Mammoth OI at 19000 PE indicates strong base formation for this series but on upside 20000 Ce is having very high OI. 

Highest OI tag is with 19000 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 23.97

PE RATIO FOR BANK NIFTY STANDS AT 29.51

SEPTEMBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.15
BANK NIFTY PCR ON BASIS OF OI IS 1.47

FINAL CONCLUSION

Nifty & Bank Nifty
At present our trade in Nifty PE is open and as discussed earlier BOTH BULLS & BEARS are in do or die zone. Till the trend is clear we shall not be going aggressive in Index Trades. 

NIFTY

Nifty Last Close 8743
Support - 8700-8690, 8665-8655, 8600-8590 & 8535-8545
Resistance - 8750-8755, 8820-8825, 8845-8845, 8900-8905, 8990-9000 & 9045-9060

BANK NIFTY

Nifty Last Close 19837
Support - 19620-19600, 19500-19480, 19320-19300 & 19240-19220
Resistance - 19960-19985, 20080-20100, 20180-20200 & 20290-20300

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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.