Nifty & Nifty Bank View for 07/02/2018

BULLS DID NOT GOT ANY CHANCE AT OPENING BUT LATER ON AFTER SOME INITIAL VOLATILITY BULLS SHOWED SOME STRENGTH AND AT ONE PRINT OF TIME NIFTY BANK WAS IN GREEN BUT AGAIN TOWARDS CLOSE BEARS ABLE TO PROVE THEIR DOMINANCE.

ANYWAY WE HAVE ALREADY SHARED OUR WEEKLY VIEW FOR NIFTY AND NIFTY BANK INCASE IF YOU HAVE MISSED THAT WE REQUEST YOU TO CLICK HERE TO READ IT.  

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

Nifty Spot Closed with Loss of 168.30 points or 1.58% at 10498 whereas Nifty Future closed at 10513 (Premium of 15 points) 

Nifty Bank Closed with Loss of 287 points or 1.10% at 25811 whereas Bank Nifty Future closed at 25849 (Premium of 38 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)

In above chart we have taken 50 & 100 DEMA with low instead of closing basis. So going forward this low shall play crucial low for next couple of weeks. 

Further we in our last we had said  "NOW TODAY'S LOW OF 10586.80 SHALL PLAY CRUCIAL LOW FOR NEXT 2-3 SESSION IF THAT IS BROKEN THEN MORE DOWNSIDE GATES TILL 10172 SHALL OPEN BUT BEFORE THAT 10500-10437 & 10297 SHALL ACT AS SUPPORT." and today we can see that Bears managed to drag Nifty down till 10276 levels also done with downside 4th support of Aggressive Bearish Pattern known as Inverted Flag & Pole chart for which is as under:- 

Further in above chart we can see that in sudden upside Bulls managed to fill gap so now next 2-3 sessions will be important for both side market participants. 

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)

In above chart we have taken 50 & 100 DEMA with low instead of closing basis. So going forward this low shall play crucial low for next couple of weeks. 


Further we in our last we had said  "NOW TODAY'S LOW OF 25917.55 SHALL PLAY CRUCIAL LOW FOR NEXT 2-3 SESSIONS IF THAT IS BROKEN THEN MORE DOWNSIDE GATES TILL 24519 SHALL OPEN BUT BEFORE THAT 25815-25567-25367 & 24919 SHALL ACT AS SUPPORT" and today we can see that Bears managed to drag Nifty Bank down till 25060 levels also done with downside 4th support of Aggressive Bearish Pattern known as Inverted Flag & Pole chart for which is as under:- 

Further in above chart we can see that in sudden upside Bulls managed to fill gap so now next 2-3 sessions will be important for both side market participants. 

Option Chain Data.

Nifty

10000 PE is having huge Open Interest which may act as strong support where on upside 11500 CE is having huge Open Interest but before that 11000 CE may act as stiff resistance. (Repeat comment) 

Nifty Bank (Considering only monthly Option Chain)

Though 26500 PE is having highest Open Interest spot closed below that whereas on 28000 CE is having huge Open Interest which may act as stiff resistance going forward. (Repeat Comment) 

Put Call Ratio Stands at 0.89 (Neutral) for Nifty whereas for Nifty Bank it is 1.09 (Neutral) 

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We have scheduled Free Webinars On Stock Market Basics in this Week as well as Next Weekend. Schedule for same are as under:- 

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Option Greek at Glance on 06/02/2018 at 2100 hrs 

Option Chain Basics on 08/02/2018 at 2100 hrs 

Bollinger Band Basics on 09/02/2018 at 2100 hrs 

Option Strategies & Bollinger Band on 10/02/2018 at 1000 hrs 

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During Market hours  Bank Nifty Option Call and position is carried forward. 

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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.