NIFTY & BANK NIFTY VIEW FOR 28/09/2016

LAST TRADING BEARS MANAGED TO PUSH BOTH INDICES DOWN BUT THEN BULLS MANAGED TO COVER LOSS AND THEN TOWARDS THE END BOTH INDICES CLOSED WITH MINOR RED MARK.

SPOT NIFTY ALREADY REACTED FROM ALMOST IMMEDIATE SMALL DEMAND ZONE OF 8675 (LOW OF 8690 WAS MADE) BUT PLEASE NOTE THAT ONCE THAT IS BROKEN NEXT IMMEDIATE DEMAND ZONE COMES IN GAP AREA NEAR TO 8620 (ALREADY EXPLAIN IN LAST POST)

LETS TRY TO UNDERSTAND CHANGES IN OI DATA.

Nifty

September Series

Mammoth liquidations can be seen in at 9000 CE mark but if we see valuations front then CE are bit overvalued than PE. But again overall if we see OI then some how we fell still downside is not yet over and we may see some 40-50 points downside for SPOT NIFTY from current levels. 

Highest OI tag is with 8500 PE & 9000 CE.

October Series

8700 PE played vital role as support in last trading session due to huge OI but now OI at 8600-8500 PE are also almost on the line with 8700 PE so to set base at lower levels we feel more downside can be seen. 

Highest OI tag is with 8700 PE & 9000 CE.

Bank Nifty 

September Series (Monthly Expiry)

19500 PE undergone huge liquidation and same is case of other nearby ITM PE. But strong base at 19000 PE and near by OTM PE depicts some different story. 20000 CE is having huge OI so that shall act as strong resistance.

Highest OI tag is with 19000 PE & 20000 CE.

October Series (Monthly Expiry)

As expected in last post flashes till 19500-19600 we expected and Bears managed to respect our view. Now further if we see OI at 19500, 19000 & 18500 PE then still more downside cannot be ruled out. 

Highest OI tag is with 19500 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 23.90

PE RATIO FOR BANK NIFTY STANDS AT 29.30

SEPTEMBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.19
BANK NIFTY PCR ON BASIS OF OI IS 0.92

OCTOBER SERIES
NIFTY PCR ON BASIS OF OI IS 0.99
BANK NIFTY PCR ON BASIS OF OI IS 0.92

FINAL CONCLUSION

Nifty & Bank Nifty
As discussed via chart and OC 8600-8620 may act as strong support. So any fall at that those levels should be considered as strong buying opportunity for NEXT SERIES. (REPEAT PARA)

During last trading session 8800 CE for sometime did gained highest OI but somehow it lost battle to 9000 CE.

LOOKING AT CHARTS AND REVERSAL WHICH TOOK PLACE YESTERDAY WE FEEL THAT BEARS ARE MORE POWERFUL THAN BULLS AT PRESENT.

For Bank Nifty 19100-19200 is again strong Support/Demand zone. Before this small Support/Demand zone is there at 19200-19260 level. (REPEAT PARA)

NIFTY (INTRADAY BASIS)

Nifty Last Close 8706
Support - 8680-8700, 8630-8620 & 8530-8550 
Resistance - 8750-8755, 8830-8825, 8845-8850, 8900-8905, 8990-9000 & 9045-9060

BANK NIFTY (INTRADAY BASIS) 

Nifty Last Close 19519
Support - 19470-19440, 19320-19300 & 19220-19200
Resistance - 19530-19550, 19780-19800, 19890-19910, 19960-19985, 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

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.