NIFTY & BANK NIFTY VIEW FOR 26/10/2016

WITH EXPIRY IS NEAR EVERY ONE IS TALKING ABOUT AT WHAT LEVELS WE MAY SEE NIFTY EXPIRE IN OCTOBER SERIES.

WE HAVE BEEN EXPLAINING ONE AND SAME THING IN  LAST COUPLES OF BLOG POSTS WE DO NOT SEE CRACK BELOW 8500 EXCEPT ANY DRAMATIC EVENT ALSO WE DO NOT SEE BULLS MANAGE TO CROSS 8800 DECISIVELY...!!!

LETS TRY TO CHECK NIFTY FUTURE CHART ON DAILY TIME FRAME.

As we can see that Nifty is moving in falling wedge pattern but last time it took support at 100 EMA and wedge trendline. 

NOW LETS TRY TO LOOK OPTIONS DATA.

Nifty

October Series

More than 650k shares were liquidated in different PE strike prices from in 8600 to 9000. More than 850k shares were added in different CE strike prices from 8650-8800. Now OI at 8800 CE is almost similar to 9000 CE so resistance at 8800 levels is getting stronger. 

Highest OI tag is with 8600 PE & 9000 CE.

Bank Nifty 

October Series (Monthly Expiry)

About 170k shares were added by Bulls in different strike prices from 19700-19900 CE where as deep ITM CE witnessed liquidations. From 19900 to 19200 PE about 485k shares were added. 

Highest OI tag is with 19000 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 23.23
PE RATIO FOR BANK NIFTY STANDS AT 29.49

OCTOBER SERIES
NIFTY PCR ON BASIS OF OI IS 1.02
BANK NIFTY PCR ON BASIS OF OI IS 1.19

FINAL CONCLUSION

Nifty & Bank Nifty
8500 PE and 100 EMA shall act as strong support without doubt but it should be noted that due to expiry we may see some volatility. We somehow feel that we may see Nifty close on expiry day near to 8650 (+/-20 points) 

NIFTY (INTRADAY BASIS)

Nifty Last Close 8691
Support - 8620-8610, 8560-8565, 8520-8510, 8475-8470 & 8405-8400
Resistance - 8765-8770 & 8810-8820

BANK NIFTY (INTRADAY BASIS) 

Nifty Last Close 19835
Support - 19760-19750, 19660-19675 & 19580-19570 
Resistance - 19840-19850 & 19960-19970

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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.

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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.