NIFTY & BANK NIFTY VIEW FOR 21/09/2016

BEFORE EVEN OUR MARKETS MAY OPEN BANK OF JAPAN MAY GIVE ITS INTEREST RATE DECISION BUT WE FEEL THAT MUST NOT BE MUCH BOTHERED AT PRESENT.

AT PRESENT OUR OPEN POSITION IN ONLY IN MARUTI FOR CURRENT SERIES. WE SHALL SHARE NIFTY CHART DURING TRADING HOURS TODAY.

LETS TRY TO UNDERSTAND CHANGES IN OI DATA.

Nifty

September Series

8500 PE regained highest OI tag from 8600 PE. (Repeat comment) whereas on CE front 9000 CE regained highest OI tag so somehow Bulls & Bears are fighting for 8500 as support and 9000 as resistance. Some additions in 8800 & 8600 PE indicates some softness but on CE front some additions in 8800 CE also indicates Bulls are also marking their presence felt. 

Highest OI tag is with 8500 PE & 9000 CE.

Bank Nifty 

September Series (Weekly Expiry)

Huge OI at 19000 PE can be interpreted as strong support. Good additions in nearby OTM CE can be considered as Bullish bias. Overall if we see OI at 20000 & 20500 CE then there is not big difference between these 2. Overall 20000 CE may act as strong resistance but some flashes above that cannot be ruled out. 

Highest OI tag is with 19000 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 see 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 1.23
BANK NIFTY PCR ON BASIS OF OI IS 1.48

FINAL CONCLUSION

Nifty & Bank Nifty
As discussed in last trading session 8750 is strong support for spot Nifty below that we can see quick flashes till 8600-8650 zone in volatile/panic moves. 

For Bank Nifty 19600 is strong support at present. Any close that should be tracked closely and 2-3 sessions after that my decide faith. 
NIFTY

Nifty Last Close 8876
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 19952
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.