NIFTY & BANK NIFTY VIEW FOR 30/09/2016

LAST TRADING SESSION WAS NIGHTMARE FOR BULLS AND ONE OF WORST F&O EXPIRY DAY IN RECENT PAST.

WE SHALL BE SHARING CHART DURING TRADING SESSION TODAY.

LETS TRY TO UNDERSTAND CHANGES IN OI DATA.

Nifty

October Series

8700 PE was playing vital role as support from last couple of sessions but that got broken in last trading session infact highest OI tag shifted to 8600 PE with 8500 PE almost head on head to it. 

We feel that still over all OI quantum is less on PE front to form sound base/support zone. 

Highest OI tag is with 8600 PE & 9000 CE.

Bank Nifty 

October Series (Weekly Expiry)

Sudden fall in single session lead to panic to Bulls camp and that can be seen with net net additions made on both side of OC.

Highest OI tag is with 19500 PE & 20000 CE.

October Series (Monthly Expiry)

Almost similar story in monthly contract also. We need 2-3 sessions minimum to understand cues as per OC.

Highest OI tag is with 19500 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 23.51

PE RATIO FOR BANK NIFTY STANDS AT 28.80

OCTOBER SERIES
NIFTY PCR ON BASIS OF OI IS 0.99
BANK NIFTY PCR ON BASIS OF OI IS 1.15

FINAL CONCLUSION

Nifty & Bank Nifty
8500 PE must gain highest OI tag and that means some more downside cannot be ruled out from current levels. Closing below 8450 for Spot Nifty (if any) may change whole statistics but we do not see that case it present. 

Bears may drag Bank Nifty to 18600-18700 levels from current levels. 

NIFTY (INTRADAY BASIS)

Nifty Last Close 8591
Support - 8520-8510, 8475-8470 & 8405-8400
Resistance - 8650-8660, 8695-8700, 8735-8750 & 8810-8820

BANK NIFTY (INTRADAY BASIS) 

Nifty Last Close 19184
Support - 19070-19050, 18970-18950 & 18860-18840
Resistance - 19320-19300, 19480-19500 & 19680-19700

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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.