Nifty & Nifty Bank View for 05/01/2018

Nifty Spot Closed with gains of 62 points or 0.59% at 10504 whereas Nifty Future closed at 10535 (Premium of 31 points) 

Nifty Bank Closed with gains of 144 points or 0.57% at 25463 where as Bank Nifty Future closed at 25523 (Premium of 60 points) 

After today's session lets have look at Nifty (spot) chart

Looking at above chart we can see that spot Nifty closed above resistance levels and going forward if Bulls managed to close above 10530-10550 zone with volumes (Volumes here we shall refer with Nifty Futures) then fast moves of 100 points can't be ruled out. 

Looking at chart we can say that in last 12 sessions 10400 is not broken and 10400 PE is having highest open interest so that may act as strong support going further. 

Downside support comes at 10455, 10400 & 10345. 

Lets have look at Nifty Bank chart after today's session

Nifty Bank Closed near to yesterday's high so going forward any trigger (news kind off) may trigger fresh rally in that may result into more up-move of 100-150 points. 

Going further Nifty Bank may face resistance at 25650-25775 levels. On downside 25340-25220-25150 are support levels. 

Option Chain Data.

Nifty

Highest CE Open Interest is about 4338k shares at 11000 (minor addition of 62k shares) which may act as resistance but before that 10600 CE stands with 2560k shares so that may act as immediate hurdle (huge liquidation of 262k shares). Now if we talk on PE front then Highest Open Interest is 5402k shares at 10400 PE which may act as support (huge additions of 705k shares)

Nifty Bank (Considering only monthly Option Chain)
At last come liquidation took place at 26000 PE (ITM) and with that change 25000 PE gained highest OI tag(immediate support) 

On upside 26000 CE is having OI of 1144k shares shall act as stiff resistance.  

Put Call Ratio Stands at 1.16 for Nifty whereas for Nifty Bank it is 1.13

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