Nifty & Nifty Bank View for 02/02/2018

TODAY NIFTY & NIFTY BANK NOT ONLY RESPECTED OUR SUPPORT LEVELS BUT WE GAINED 150+ POINTS IN NIFTY OPTION IN SINGLE LOT. 

FURTHER WHATEVER LEVEL WE HAD EXPECTED IN OUR WEEKLY POST FOR NIFTY ARE ALSO ACHIEVED TODAY. 

On 9th February 2018 (post market) we are going to conduct Free Webinar on Bollinger Band (one of Volatility indicators)  Link shall be send once everything is finalized and it will be limited 25 participants only.

Anyway lets move further and Analyse what could be road ahead for Nifty & Nifty Bank for next session.

Nifty Spot Closed with Loss of 11 points or 0.10% at 11017 whereas Nifty Future closed at 11034 (Premium of 17 points) 

Nifty Bank Closed with Loss of 159 points or 0.58% at 27221 whereas Bank Nifty Future closed at 27186 (Discount of 35 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 2nd last post "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"

Bulls somehow managed to close above that levels with huge volatility but again next session is important.

Support levels are 10970-10883-10830 whereas Resistance levels are 11045-11100

"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)

As said in our last post "Going forward 27065-26890-26457 may act as support levels whereas on upside 27400-27495-27600 may act as resistance" and today's low is 27046 can be said as just to trigger stop loss if followed spot levels. 

Option Chain Data.

As expected in our last post despite of the fact almost flat closing for Nifty Future we can see premium erosion on both side of Option Chain despite of the fact that India VIX already started falling 2 days back. 

Nifty

Now Budget is over and premium are also eroded to certain extent very soon option chain may reflect true picture. Highest Open Interest is at 11500 CE & 10500 PE. 

Nifty Bank (Considering only monthly Option Chain)

Now Budget is over and premium are also eroded to certain extent very soon option chain may reflect true picture. Highest Open Interest is at 28000 CE & 26500 PE. 

Put Call Ratio Stands at 0.95 (Neutral) for Nifty whereas for Nifty Bank it is 1.13 (Neutral) 

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Lets have look at IndiaVIX Chart

We can see some cool off from higher levels has already taken place so we can expect some normalization of option premium (assumption) 

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OPEN POSITIONS AT  PRESENT

CANFINHOME (CLICK STOCK NAME 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 (AT PRESENT WE RUNNING SPECIAL OFFER FOR AFTER TRAINING SUPPORT FOR 6 MONTHS - PING MORE FOR MORE DETAIL) 

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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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IN CASE OF ANY QUERY/SUGGESTIONS READERS ARE REQUESTED TO CONTACT US NIFTY50STRIKER@GMAIL.COM 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.