NIFTY & BANK NIFTY VIEW FOR 17/10/2016

NOTHING MUCH WAS EXCITING IN LAST TRADING SESSION.

WE SHALL BE SHARING NIFTY CHART DURING TRADING HOURS.

NOW LETS TRY TO LOOK OPTIONS DATA.

Nifty

October Series

8800 CE is now slowly slowly gaining OI on EOD basis is nothing else but kind of resistance built-up at highest levels.

Infact we feel that some how in this series 8800 ce shall be crossed. (please this is already said by us during last week) But it should be noted that somehow 8000 PE is gaining interest all of sudden and looking at valuation front we somehow feel that something unusual is going to happen in this expiry. 

Highest OI tag is with 8500 PE & 9000 CE.

Bank Nifty 

October Series (Weekly Expiry ~ NEAR)

18500 PE is having highest OI and this OI additions took place in last trading session only. On higher side 19400-19500 may act as strong resistance wall.

Highest OI tag is with 18500 PE & 19500 CE.

October Series (Monthly Expiry)

20000 CE without doubt shall act as resistance but before that 19500 (on closing basis) may act as hurdle. 18500 CE is strong support at present. 

Highest OI tag is with 18500 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 22.98
PE RATIO FOR BANK NIFTY STANDS AT 28.55

OCTOBER SERIES
NIFTY PCR ON BASIS OF OI IS 0.93
BANK NIFTY PCR ON BASIS OF OI IS 1.00

FINAL CONCLUSION

Nifty & Bank Nifty
After very long time PCR for both Indices came in control. Now if we again re-study old chart then Nifty is having strong support at 8530-8540 levels. Any close below 8500 may drag Nifty to 8200-8300 levels easily in quick move. (Repeat para)

NIFTY (INTRADAY BASIS)

Nifty Last Close 8583
Support - 8560-8565, 8520-8510, 8475-8470 & 8405-8400
Resistance - 8610-8620, 8670-8680, 8765-8770 & 8810-8820

BANK NIFTY (INTRADAY BASIS) 

Nifty Last Close 19020
Support - 18860-18840, 18720-18700, 18660-18640 & 18540-18520
Resistance - 19070-19050, 19165-19150, 19330-19320, 19470-19485 & 19570-19580

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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.