NIFTY & BANK NIFTY VIEW FOR 06/10/2016

AS EXPECTED LAST TRADING SESSION WAS COMPLETELY RANGE-BOUND DULL AND BORING.

NOW TODAY WE HAVE BANK NIFTY WEEKLY OPTIONS CONTRACT EXPIRY SO SOME VOLATILITY CANNOT BE RULED OUT.

Nifty

October Series

OI at 9000 CE indicates strong resistance if you remember we had said very much earlier in advance that we do not see nifty crossing 9000 before November last week of December first week. OI at PE front particularly indicates some downside in coming sessions. 8500 PE OI indicates it may again regain highest OI tag from 8600 PE and except and political news we do not expect 8500 to be breached on closing basis. 

Highest OI tag is with 8600 PE & 9000 CE.

Bank Nifty 

October Series (Weekly Expiry)

Without doubt 20000 shall act as strong resistance in this entire week. But it should be noted that OI at 19700-19900 CE is also very high and should not ignored. On downside 19000 PE shall act as major support at present but again major liquidation on PE front indicates some bullish bias for today. 

Highest OI tag is with 19000 PE & 20000 CE.

October Series (Monthly Expiry)

Though weekly expiry is suggesting base at 19000 but OI at 18000-18500 PE is indicating strong support at those levels.But good thing is that we can see that support is shifted from 18000 to 18500.  (Repeat para) 

Highest OI tag is with 18500 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 23.43

PE RATIO FOR BANK NIFTY STANDS AT 29.33

OCTOBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.03
BANK NIFTY PCR ON BASIS OF OI IS 0.99

FINAL CONCLUSION

Nifty & Bank Nifty
As discussed in Option chain analysis at present we can see that on downside support is getting shifted at 8500 PE but again it must be noted that Bank Nifty weekly expiry indicates some bullish moves today. 

NIFTY (INTRADAY BASIS)

Nifty Last Close 8744
Support - 8700-8695, 8660-8650, 8620-8610, 8560-8565, 8520-8510, 8475-8470 & 8405-8400
Resistance - 8810-8820, 8845-8850, 8900-8910, 8990-9000

BANK NIFTY (INTRADAY BASIS) 

Nifty Last Close 19537
Support - 19500-19480, 19330-19320, 19165-19150, 19070-19050, 18970-18950 & 18860-18840
Resistance - 19610-19590, 19690-19700, 19780-19800, 19890-19910 & 19960-19985

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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.