NEXT WEEK WE HAVE UNION BUDGET AND DUE THAT HUGE VOLATILITY ON BUDGET DAY AS WELL AS ON WHOLE CAN'T BE RULED OUT.
Anyway lets move further and Analyse what could be road ahead for Nifty & Nifty Bank for next week.Nifty Spot Closed with Loss of 16 points or 0.15% at 11070 whereas Nifty Future closed at 11063 (Discount of 7 points)
Nifty Bank Closed with Gain of 47 points or 0.17% at 27446 whereas Bank Nifty Future closed at 27374 (Discount of 72 points)
Nifty View
Now lets have look at spot Nifty Daily Chart.
We can see that last candle is kind of reversal signal (hanging man) but it is not as exact required formation so more confirmation is required for downside. On immediate basis 10970-10980 must as strong support below that 10880-10890 must as strong support and below that final hope for Bulls to be in lime light is 10850-10830
"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 200 points" (updated weekly chart is as under)
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 200 points" (updated weekly chart is as under)
(Incase if you are not able to view full image click on image to enlarge)
If we consider only Bull run from 10074 (made on 18/12/2017) then also Bulls may have some left out feeling in this very short term Bull run of more than 1000 points so volatile moves till 10850-10880 levels on account of Budget can be ruled out in next week.
Nifty Bank View
Anyway lets move forward and study daily chart after last trading session.
On immediate basis 27000 must as strong support.
(Incase if you are not able to view full image click on image to enlarge)
On immediate basis 27000 must as strong support.
Anyway lets move forward and study daily weekly chart after last trading session.
On weekly chart we can see that Breakout on upside took place at around 26500 or so but in last 2 weeks Bulls managed to lift Nifty Bank more than 1750 points so here also we feel that Bulls who are in left our mode in this sudden up-move they may get chance in sudden move on account of volatile moves in next week.
(Incase if you are not able to view full image click on image to enlarge)
On weekly chart we can see that Breakout on upside took place at around 26500 or so but in last 2 weeks Bulls managed to lift Nifty Bank more than 1750 points so here also we feel that Bulls who are in left our mode in this sudden up-move they may get chance in sudden move on account of volatile moves in next week.
Option Chain Data.
Nifty
Heavy Built-up can be seen on both side of Option Chain and probably one of best time for writers looking at spike in option premium. Expecting sudden drop in option prices after Budget session. Please refrain from buying OTM CE/PE buying for holding for more than 4-5 sessions.
Heavy Built-up can be seen on both side of Option Chain and probably one of best time for writers looking at spike in option premium. Expecting sudden drop in option prices after Budget session. Please refrain from buying OTM CE/PE buying for holding for more than 4-5 sessions.
Nifty Bank (Considering only weekly Option Chain)
Looking at highest Open Interest on both side it seems it will be huge volatile week on account of Budget.
Put Call Ratio Stands at 1.05 (Neutral) for Nifty whereas for Nifty Bank it is 1.12 (Neutral)
Looking at highest Open Interest on both side it seems it will be huge volatile week on account of Budget.
Put Call Ratio Stands at 1.05 (Neutral) for Nifty whereas for Nifty Bank it is 1.12 (Neutral)
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