Nifty & Nifty Bank View for 08/02/2018

DESPITE OF THE FACT BULLS MANAGED FOR GAP UP OPENING BUT THEN SLOWLY AND SLOWLY BEAR GRIP GOT STRONG AND AGAIN AT END BOTH INDICES END UP IN RED.

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.  

On 7th February 2018 at 2115 hrs we are going to conduct Free Webinar on Single Indicator Based Intraday Trading to join please click 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 22 points or 0.21% at 10477 whereas Nifty Future closed at 10465 (Discount of 12 points) 

Nifty Bank Closed with Loss of 141 points or 0.55% at 25670 whereas Bank Nifty Future closed at 25630 (Discount of 40 points) 

Nifty View

Now lets have look at Nifty Future 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. 

We can see that there is huge spike in volatility so going forward if this volatility must fall with some consolidation. On upside 10635-10650 is cleared on closing basis then next resistance zone will be 10740-10750. Further to add if 10740-10750 is not cleared then Bearish pattern Flag & Pole may get formed. 
PLEASE NOTE LEVELS MENTIONED ABOVE ARE ON FUTURE BASIS (AS WE HAVE CONSIDERED VOLATILITY INDICATOR TODAY)  

Nifty Bank View

Anyway lets move forward and study Bank nifty Future 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. 

We can see that there is huge spike in volatility so going forward if this volatility must fall with some consolidation. On upside 26000-26050 is cleared on closing basis then next resistance zone will be 26300-26350. Further to add if 26300-26350 is not cleared then Bearish pattern Flag & Pole may get formed. 
PLEASE NOTE LEVELS MENTIONED ABOVE ARE ON FUTURE BASIS (AS WE HAVE CONSIDERED VOLATILITY INDICATOR TODAY)  

Option Chain Data.

Nifty

10000 PE is having huge Open Interest which may act as strong support where on upside 11000 & 11000 CE are having huge Open Interest at the same time 11500 Ce us having highest Open Interest prior 2 shall act as stiff resistance. 

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 0.77 (bit oversold) for Nifty whereas for Nifty Bank it is 1.08 (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:- 

Click on Topic to register 

Single Indicator Based Intraday Trading on 07/02/2018 at 2115 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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Yesterday we had given trading call during Market hours  Bank Nifty Option Call but today we had given exit update with loss of about 45 points/lot

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FOR LIVE MARKET UPDATE JOIN:- 

T.ME/NIFTY50STRIKER

TWITTER.COM/NIFTY50STRIKER

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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.