NIFTY & BANK NIFTY VIEW FOR 18/10/2016

DURING LAST TRADING SESSION THERE WAS SOME MISMATCH BETWEEN MOVES OF NIFTY & BANK.

MAIN CAUSE OF NIFTY BEING IN RED WAS DUE TO AUTO SECTOR AND PHARMA SECTOR WEAKNESS. WHEREAS FEW PRIVATE BANKS WERE STRONG.

NOW LETS TRY TO LOOK OPTIONS DATA.

Nifty

October Series

We had also discussed with some of you that huge liquidations were taking place in ITM PE and OI at 8000 PE was also substantial. 8800 CE has without doubt shall act as strong resistance at present. 

Highest OI tag is with 8500 PE & 9000 CE.

Bank Nifty 

October Series (Weekly Expiry ~ NEAR)

18500 PE is having highest OI but additions in nearby PE are also very good. Also 19300-19500 CE is strong level of resistance at present.

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 23.00
PE RATIO FOR BANK NIFTY STANDS AT 28.63

OCTOBER SERIES
NIFTY PCR ON BASIS OF OI IS 0.93
BANK NIFTY PCR ON BASIS OF OI IS 0.81

FINAL CONCLUSION

Nifty & Bank Nifty
8500 PE is still playing its role of supporting Bulls but 19000 for Bank Nifty is acting as strong base but once broken 18600-18700 zone shall be retouched within no time. PCR is in favour of Bulls.

NIFTY (INTRADAY BASIS)

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

BANK NIFTY (INTRADAY BASIS) 

Nifty Last Close 19070
Support - 18940-18930, 18860-18840, 18720-18700, 18660-18640 & 18540-18520
Resistance - 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.