NIFTY & BANK NIFTY VIEW FOR 28/10/2016

AS EXPECTED YESTERDAY'S SESSION WAS VERY MUCH VOLATILE AND EXPIRY TOOK PLEASE SOMEWHAT NEAR TO OUR EXPECTED LEVEL...!!!

NOW AGAIN NEW SERIES IS GOING TO START TODAY. BEING FIRST DAY OF NEW SERIES WE SHALL BE GOING SLOW IN OUR TRADING.

NOW LETS TRY TO LOOK OPTIONS DATA.

Nifty

November Series

8500 without doubt shall act as strong support as we have good OI at 8500 PE even start of series. Though 9000 CE is having highest OI but before that we feel 8800 CE shall act as strong resistance.

Highest OI tag is with 8500 PE & 9000 CE.

Bank Nifty 

November Series (Weekly Expiry)

19000 & 19500 PE is having good OI so again flashes near to 19000 cannot be ruled out. Coincidently 19500 CE is also having highest OI so that shall lead to confusion and volatility. 

Highest OI tag is with 19000 PE & 19500 CE.

November Series (Monthly Expiry)

Being monthly series highest OI is at 19000 PE & 20000 CE so that shall act as wall of support and resistance respectively. 

Highest OI tag is with 19000 PE & 20000 CE.

NOW LETS SEE SOME IMPORTANT NIFTY RATIO

PE RATIO FOR NIFTY STANDS AT 23.28
PE RATIO FOR BANK NIFTY STANDS AT 30.28

NOVEMBER SERIES
NIFTY PCR ON BASIS OF OI IS 0.98
BANK NIFTY PCR ON BASIS OF OI IS 1.05

FINAL CONCLUSION

Nifty & Bank Nifty
Without doubt 8550-8500 is acting as strong support zone and 100 EMA is also coming to aid of Bulls. As it is first day of series we are on no trade zone for today atleast. 

NIFTY (INTRADAY BASIS)

Nifty Last Close 8615
Support - 8560-8565, 8520-8510, 8475-8470 & 8405-8400
Resistance - 8680-8670, 8710-8720, 8765-8770 & 8810-8820

BANK NIFTY (INTRADAY BASIS) 

Nifty Last Close 19515
Support - 19420-19400, 19315-19300, 19225-19210 & 19130-19120
Resistance -  19580-19570, 19660-19675, 19760-19750, 19840-19850 & 19960-19970

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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.