Nifty & Nifty Bank View for 31/01/2018

TODAY'S MOVE WAS COMPLETELY OPPOSITE OF YESTERDAY'S MOVE. RIGHT FROM WORD GO BEARS WERE IN DRIVER'S SEAT AND BULLS HAD NOT CHANCE TO MARK EVEN THEIR PRESENCE. 

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.

Nifty Spot Closed with Loss of 81 points or 0.73% at 11050 whereas Nifty Future closed at 11072 (Premium of 22 points) 

Nifty Bank Closed with Loss of 229 points or 0.83% at 27269 whereas Bank Nifty Future closed at 27359 (Premium of 90 points) 

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)

As discussed in our last post "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 now today's close is below yesterday's low. further psychological level of 11000 is also near so any close below that may easily trigger more fall. 

"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)

We can see (via Green rectangle) that 3 good green candles were formed (Bullish pattern known as 3 White soldiers) but followup was not that strong and after that 3 candles were doji and today's candle is Red candle so more downside can't be rule out. 

Option Chain Data.

Nifty

On CE front highest Open Interest is at 11500 after which 11000 but on PE front highest tag Open Interest is at 10500 PE so it will be tough task for Bulls to keep Nifty above 11k mark. 

Nifty Bank (Considering only monthly Option Chain)

Good Open Interest can be seen at 27000-26500-26000 PE which can be inferred as some fall or volatility in coming days on account of Budget. 

ON CE front Open Interest weakness can be seen. 

Put Call Ratio Stands at 1.07 (Neutral) for Nifty whereas for Nifty Bank it is 1.19 (over bought) 

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OPEN POSITIONS AT  PRESENT

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CANFINHOME (CLICK ON LINK TO KNOW MORE) 

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WE ALSO CONDUCT ADVANCE TECHNICAL ANALYSIS COURSE ONLINE AND/OR OFFLINE MODE. FOR MORE DETAILS CONTACT NIFTY50STRIKER@GMAIL.COM AND/OR 08866145155 
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Please note this blog post is for education purpose only. While utmost care is taken while writing this post but any human error cant be ruled out and we apologize for same in advance.