NIFTY & BANK NIFTY VIEW FOR 10/10/2016

DURING LAST TRADING SESSION WE HAD TRIED TO SHARE OUR VIEW ON NIFTY VIA SIMPLE CHART AND SOME EXPLANATIONS ON IT.

WITHOUT DOUBT 8500 PE SHALL ACT AS STRONG SUPPORT AS PER CHART (ALREADY SHARED) AND VIA OPTIONS CHAIN BUT SOME HOW WE FEEL THAT OI IN FEW STRIKE PRICES BELOW 8500 PE ARE BIT ABNORMAL AND SOME HOW SOME DRAMATIC MOVES CANNOT BE RULED OUT BEFORE MONTHLY EXPIRY.

NOW LETS TRY TO LOOK OPTIONS DATA.

Nifty

October Series

As usual tough fight is going on between 8500-8600 PE for gaining highest OI tag but OI at 8400 & 8200 PE indicates different story. Incase of any dramatic event/moves we can expect 8000 shall act as firm base.

Highest OI tag is with 8600 PE & 9000 CE.

Bank Nifty 

October Series (Weekly Expiry)

Without doubt 20000 shall act as strong resistance going forward. But on downside 19000  shall also act as firm base. (Repeat paragraph) 

Highest OI tag is with 19000 PE & 20000 CE.

October Series (Monthly Expiry)

Though weekly expiry is suggesting base at 19000 but OI at 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) 

Immediate basis 19100-19200 may act as good buying opportunity in intraday flashes for swing/risky traders.

Highest OI tag is with 18500 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 23.49

PE RATIO FOR BANK NIFTY STANDS AT 29.12

OCTOBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.02
BANK NIFTY PCR ON BASIS OF OI IS 1.00

FINAL CONCLUSION

Nifty & Bank Nifty
During last series Nifty PCR remained very high this series we somehow expect that it may remain range bound and till the time either side breakout is not happening (8500-8800) we may see this kind of moves only.

If we talk about Bank Nifty then some how we feel that it may slip below 19000 levels once in monthly series. That is due to highest OI at 18500 PE. 

NIFTY (INTRADAY BASIS)

Nifty Last Close 8697
Support - 8660-8650, 8620-8610, 8560-8565, 8520-8510, 8475-8470 & 8405-8400
Resistance - 8765-8770, 8810-8820, 8845-8850, 8900-8910, 8990-9000

BANK NIFTY (INTRADAY BASIS) 

Nifty Last Close 19400
Support - 19330-19320, 19165-19150, 19070-19050, 18970-18950 & 18860-18840
Resistance - 19470-19485, 19570-19580, 19690-19700, 19780-19800, 19890-19910 & 19960-19985

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STANDARD DISLCOSURE:-

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.

WE REQUEST ALL READERS TO GIVE THEIR FEEDBACK ON NIFTY50STRIKER@GMAIL.COM OR BY CALLING ON 08866145155 OR BY COMMENTING ON THIS BLOG POST.

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.