BULLS CONQUERED 8800 & 20000 MARK IN LAST TRADING SESSION...!!!
WE HAVE ALREADY SHARED NIFTY & BANK NIFTY CHART IN LAST 2 SESSIONS.
LETS TRY TO UNDERSTAND CHANGES IN OI DATA.
Nifty
September Series
Mammoth liquidation can be seen in different strike prices right from 8000 to 8900 on CE front. This has further resulted into high PCR but looking at chart setup we do not feel nifty may break 8500 in current series except any major event. On PE front still 8500 PE has maintained its lead. PE front valuations are bit rich than CE front which is nothing else but biased mind set of traders.
Highest OI tag is with 8500 PE & 9000 CE.
Bank Nifty
September Series (Monthly Expiry)
Mammoth OI at 19000 PE indicates strong base but Bulls have managed smartly highest OI tag on CE front throughout this series. Highest OI tag is with 19000 PE & 20500 CE.
NOW LETS SEE SOME IMPORTANT NIFTY RATIO
PE RATIO FOR NIFTY STANDS AT 24.34
SEPTEMBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.34
BANK NIFTY PCR ON BASIS OF OI IS 1.32
FINAL CONCLUSION
Nifty & Bank Nifty
Closing above 8900 is still tough job for Bulls but further if we see OC data then mammoth liquidations indicates no major upside from current levels. Also on Bank Nifty front 20500 may be crossed easily.
NIFTY
Closing above 8900 is still tough job for Bulls but further if we see OC data then mammoth liquidations indicates no major upside from current levels. Also on Bank Nifty front 20500 may be crossed easily.
NIFTY
Nifty Last Close 8867
Support - 8845-8840, 8825-8820, 8755-8750 & 8700-8690
Resistance - 8900-8905, 8990-9000 & 9045-9060
Nifty Last Close 20109
Support - 20100-20080, 19960-19985, 19800-19780 & 19620-19600
Resistance - 20080-20100, 20180-20200 & 20290-20300
Support - 8845-8840, 8825-8820, 8755-8750 & 8700-8690
Resistance - 8900-8905, 8990-9000 & 9045-9060
BANK NIFTY
Support - 20100-20080, 19960-19985, 19800-19780 & 19620-19600
Resistance - 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
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