TODAY NIFTY & NIFTY BANK OPENED FLAT BUT BULLS MANAGED TO GAIN THEN IN 2nd HALF SUDDEN FALL CAME IN BUT THEN BY CLOSE AGAIN BULLS MANAGED TO CLOSE WITH GOOD GAINS OVER PREVIOUS CLOSE.
WE HAVE ALREADY SHARED OUR WEEKLY VIEW FOR NIFTY AND BANK NIFTY. IN CASE IF YOU HAVE MISSED THAT CLICK HERE TO READ THAT BLOG POST.
ANYWAY THOSE WHO HAVE MISSED OUR NIFTY VIEW TILL YEAR END ARE REQUESTED TO READ IT HERE
Anyway lets move further and Analyse what could be road ahead for Nifty & Nifty Bank for next session.WE HAVE ALREADY SHARED OUR WEEKLY VIEW FOR NIFTY AND BANK NIFTY. IN CASE IF YOU HAVE MISSED THAT CLICK HERE TO READ THAT BLOG POST.
ANYWAY THOSE WHO HAVE MISSED OUR NIFTY VIEW TILL YEAR END ARE REQUESTED TO READ IT HERE
Nifty Spot Closed with Gains of 61 points or 0.55% at 11130 whereas Nifty Future closed at 11137 (Premium of 7 points)
Nifty Bank Closed with Gains of 52 points or 0.19% at 27498 whereas Bank Nifty Future closed at 27509 (Premium of 9 points)
Nifty View
Now lets have look at spot Nifty Daily Chart.
We can see in chart that today's candle is breakout candle but now all depends on today's low because if that is broken on closing basis then 11045-11050 should act as strong support.
"So till the time Nifty (spot) is closing above 10786 level we are in uptrend (short term) and more upside can't be ruled out. (Repeat comment)"
"Medium chart (Weekly) suggested upside target of 11354 and till now Bulls managed to cover about 235 points on closing basis"
Nifty Bank View
Nifty View
Now lets have look at spot Nifty Daily Chart.
(Incase if you are not able to view full image click on image to enlarge)
"So till the time Nifty (spot) is closing above 10786 level we are in uptrend (short term) and more upside can't be ruled out. (Repeat comment)"
"Medium chart (Weekly) suggested upside target of 11354 and till now Bulls managed to cover about 235 points on closing basis"
Nifty Bank View
Anyway lets move forward and study daily chart after last trading session.
(Incase if you are not able to view full image click on image to enlarge)
Last 3 candles are Doji candles so even when we are closing at high levels traders must be caution at we can see there is rejection at higher levels on daily basis.
Option Chain Data.
Nifty
Very soon 11000 PE shall gain highest Open Interest tag and still exact inference is difficult on 1st of series.
Very soon 11000 PE shall gain highest Open Interest tag and still exact inference is difficult on 1st of series.
Nifty Bank (Considering only monthly Option Chain)
As today was first day of series and we have event nearby no exact inference can be done at present.
Put Call Ratio Stands at 1.13 (Neutral) for Nifty whereas for Nifty Bank it is 1.19 (over bought)
As today was first day of series and we have event nearby no exact inference can be done at present.
Put Call Ratio Stands at 1.13 (Neutral) for Nifty whereas for Nifty Bank it is 1.19 (over bought)
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