NIFTY & BANK NIFTY VIEW FOR 20/09/2016

NOTHING BIG CAN BE EXPECTED EVEN TODAY ON ACOUNT OF 2 MAJOR EVENTS WHICH MAY AFFECT OUR MARKETS AFTER TODAY'S SESSION.

LETS TRY TO UNDERSTAND CHANGES IN OI DATA.

Nifty

September Series

8500 PE regained highest OI tag from 8600 PE. That is due to liquidations in 8600 PE and additions in 8500 PE. Further good additions can be seen in 8700/8800 PE. Whereas nothing major can be expected on upside as on CE front some liquidations took place. 

Highest OI tag is with 8500 PE & 8900 CE.

Bank Nifty 

September Series (Weekly Expiry)

Good OI at 19500 PE indicates strong support at those levels. (Repeat comment) but OI at 19000 PE also is good. Though we have huge OI at 20500 CE we may face some resistance near to 20000 & 20200 levels. 

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. (Repeat para) 

Highest OI tag is with 19000 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 24.15

PE RATIO FOR BANK NIFTY STANDS AT 29.54

SEPTEMBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.26
BANK NIFTY PCR ON BASIS OF OI IS 1.53

FINAL CONCLUSION

Nifty & Bank Nifty
Though we have very high PCr but some how that may not affect bullish bias. 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 8808
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 19906
Support - 19800-19780, 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.