NIFTY & BANK NIFTY VIEW FOR 26/09/2016

LAST TRADING SESSION WAS RANGE-BOUND EXCEPT LAST ONE HOUR.

LETS TRY TO UNDERSTAND CHANGES IN OI DATA.

Nifty

September Series

Now we are entering into expiry week so except highest OI CE/PE rest of the OC may NOT REFLECT TRUE PICTURE. Anyway OI at 8700 & 8800 PE then it still indicates some downside left. 

Highest OI tag is with 8500 PE & 9000 CE.

October Series

Huge OI can be seen at 8700 PE but at the same time OI at 8600-8700 should not ignored. Now all these 3 OI needs to be correlated with over all OI built-up in last few sessions and with chart. 

Highest OI tag is with 8700 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. (Repeat para)

Now if additions on both front then huge OI on CE front at 20000-20200-20500 indicates STRONG resistance at those levels. Whereas on PE front huge OI at 19000 & 19500 have made boundary line. 

Highest OI tag is with 19000 PE & 20500 CE.

October Series (Monthly Expiry)

Good built-up can be seen at 19500-20000 levels but some how we feel that flashes till 19500-19600 cannot be ruled out before September expiry on account of OI built-up to be made at lower strike prices in this series. 

CE front some built-up can be seen at 20000-20500 levels. 


Highest OI tag is with 19500 PE & 20500 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 24.24

PE RATIO FOR BANK NIFTY STANDS AT 29.88

SEPTEMBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.33
BANK NIFTY PCR ON BASIS OF OI IS 1.11

OCTOBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.07
BANK NIFTY PCR ON BASIS OF OI IS 1.01

FINAL CONCLUSION

Nifty & Bank Nifty
As we are discussing from last few posts that PCR in this series may not help bear to bring Indices down but it should be noted that We have strong support at 8780-8790 levels on closing basis Spot Nifty.

If we talk about Bank Nifty then it has already closed near to strong support zone. Still 19700 may act as strong support on closing basis. 

Shall be sharing chart for both indices after market opens. 

NIFTY (INTRADAY BASIS)

Nifty Last Close 8831 
Support - 8825-8820, 8755-8750 & 8700-8690 
Resistance - 8845-8850, 8900-8905, 8990-9000 & 9045-9060

BANK NIFTY (INTRADAY BASIS) 

Nifty Last Close 19901
Support - 19800-19780, 19620-19600, 19550-19530
Resistance - 19960-19985, 20080-20100, 20180-20200 & 20290-20300

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