NIFTY & BANK NIFTY VIEW FOR 21/10/2016

AFTER BULLS MANAGED TO FILL GAP IN NIFTY YESTERDAY; WE HAD SHARED OUR VIEW BY SIMPLE CHART ON OUR TELEGRAM CHANNEL AND ALSO ON FACEBOOK.

NOW LETS TRY TO LOOK OPTIONS DATA.

Nifty

October Series

Somehow now we feel that Bears may find it bit difficult to push Nifty below 8500 now in this series. This is because OI 8500-8600 gaining momentum and now we have 5 sessions left in current series. Good additions can be seen at 8600-8700 PE.  

Highest OI tag is with 8600 PE & 9000 CE.

Bank Nifty 

October Series (Monthly Expiry)

19000 PE is acting as strong support at present. Somehow we feel that may remain strong support for rest of series. 

Highest OI tag is with 19000 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 23.46
PE RATIO FOR BANK NIFTY STANDS AT 29.51

OCTOBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.00
BANK NIFTY PCR ON BASIS OF OI IS 1.17

FINAL CONCLUSION

Nifty & Bank Nifty
As discussed earlier 8500 PE shall act as strong support for rest of series now. Now if we see OI at 8800 CE then again it may act as strong resistance. Now if Nifty Future crosses 8730-8750 zone then only we can expect moves till 8800 too. 

NIFTY (INTRADAY BASIS)

Nifty Last Close 8699
Support - 8620-8610, 8560-8565, 8520-8510, 8475-8470 & 8405-8400
Resistance - 8765-8770 & 8810-8820

BANK NIFTY (INTRADAY BASIS) 

Nifty Last Close 19658
Support - 19580-19570, 19420-19410, 19330-19320, 19230-19225 & 19165-19150
Resistance - 19660-19675, 19750-19760 & 19840-19850

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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.