NIFTY & BANK NIFTY VIEW FOR 19/09/2016

LAST TRADING WAS SHOCKER TO US...!!!

WE WERE EXPECTING SUDDEN SPURT BUT THAT WAS ON DOWNSIDE BUT THEN SOME HOW BULLS TRIED TO MANAGE FILL IN GAP (CHART SHARED ALREADY)

NOW AGAIN AS THIS GAP IS ALMOST FILLED WE CAN EXPECT BEARS MAY AGAIN TRY TO PUSH NIFTY DOWN TILL 8700 LEVELS.

LETS TRY TO UNDERSTAND CHANGES IN OI DATA.

Nifty

September Series

8600 PE regained highest OI tag from 8500 PE. Further to add that in last few sessions there has been tough fight between 8500 & 8600 PE for highest OI. Further to add that in last blog post we had tried to explain that we are in upward rising trend. So overall we can expect that 8600 will act as strong support. 

Bank Nifty 

September Series (Weekly Expiry)

Good OI at 19500 PE indicates strong support at those levels. (Repeat comment) but if we again compare/restudy chart posted in last post then again strong support can be found at 19600-19700 levels. Good additions can be seen on both side of OC. But 20500 CE shall act as strong resistance. 

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 (Repeat comment) But if we 20500 CE OI again it hints some upside if 19600 remains safe. 

Highest OI tag is with 19000 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 24.07

PE RATIO FOR BANK NIFTY STANDS AT 29.54

SEPTEMBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.22
BANK NIFTY PCR ON BASIS OF OI IS 1.61

FINAL CONCLUSION

Nifty & Bank Nifty
As discussed earlier 8600 & 19600 shall be acting as good support in coming days. Any fall till 8650 & 19700 should be considered as strong buying opportunity. 

NIFTY

Nifty Last Close 8780
Support - 8755-8750, 8700-8690, 8665-8655, 8600-8590 & 8535-8545
Resistance - 8820-8825, 8845-8845, 8900-8905, 8990-9000 & 9045-9060

BANK NIFTY

Nifty Last Close 19855
Support - 19800-19780, 19620-19600, 19500-19480, 19320-19300 & 19240-19220
Resistance - 19960-19985, 20080-20100, 20180-20200 & 20290-20300

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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.