Nifty & Nifty Bank View for 08/01/2018

Nifty Spot Closed with gains of 54 points or 0.51% at 10559 whereas Nifty Future closed at 10578 (Premium of 19 points) 

Nifty Bank Closed with gains of 139 points or 0.55% at 25602 where as Bank Nifty Future closed at 25662 (Premium of 60 points) 

Nifty View

In our last posted had said that 

"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"

Now Bulls managed to close at record levels more upside move of 100 points in quick fire can't be ruled out. 

Downside support comes at 10495, 10455 & 10400 

Nifty Bank View

In our last posted had said that 

"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"

Though no major news hit street but IDFC Bank & Yes Bank trigger upmove in last trading session resulted into 139 points upmove.  

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 4336k shares at 11000 (minor liquidation of 64k shares) which may act as resistance but before that 10600 CE stands with 4137k shares (huge liquidation of 577k shares) which may not act as hurdle as Nifty closed near to record high . Now if we talk on PE front then Highest Open Interest is 6086k shares at 10400 PE which may act as support (huge additions of 684k shares)

Nifty Bank (Considering only monthly Option Chain)
Highest OI at 25000 PE (817k shares) which may act as strong support level (psychological) 

On upside 26000 CE is having OI of 1109k shares shall act as stiff resistance.  

Put Call Ratio Stands at 1.22 for Nifty whereas for Nifty Bank it is 1.16

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