NIFTY & BANK NIFTY VIEW FOR 22/09/2016

ATLAST 2 MAJORS EVENTS ARE OVER AND NOW AGAIN NIFTY MAY DANCE ON TUNE ON ITS OWN.

DURING LAST TRADING SESSION WE HAD SHARED NIFTY CHART AND TRIED TO EXPLAIN VIA SIMPLEST POSSIBLE WAY.

LETS TRY TO UNDERSTAND CHANGES IN OI DATA.

Nifty

September Series

8500 PE regained highest OI tag from 8600 PE whereas on CE front 9000 CE regained highest OI tag so somehow Bulls & Bears are fighting for 8500 as support and 9000 as resistance.  (Repeat para) 

Additions in 8900 CE indicates some upside but crossing 8900 and closing above that will be tough job for Bulls. 

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. But 19500 PE OI is also very high in nature and that may act as strong support today. 

September Series (Monthly Expiry)
Mammoth OI at 19000 PE indicates strong base formation for this series but 19500 PE OI is also neck to neck. Flashes till 20200-20300 can be seen in 2 trading sessions. 

Highest OI tag is with 19000 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 24.11

PE RATIO FOR BANK NIFTY STANDS AT 29.77

SEPTEMBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.27
BANK NIFTY PCR ON BASIS OF OI IS 1.37

FINAL CONCLUSION

Nifty & Bank Nifty
As per global cues after last major event we can expect gap up but that needs to be studied closely after opening as we feel that 8860 will be crucial level for Spot Nifty to cross and sustain with closing basis. 

If we talk about Bank Nifty then 20220-20230 will be crucial levels to cross and close above that. 

NIFTY

Nifty Last Close 8877
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 19828
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.