ON ACCOUNT OF POSITIVE CUES FROM ASIAN MARKETS TODAY NIFTY & NIFTY BANK OPENED ON POSITIVE SIDE AND BULLS MANAGED TO GAIN MOMENTUM TILL END EXCEPT SOME HICCUPS IN NIFTY BANK ON ACCOUNT OF WEEKLY OPTION EXPIRY.
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 8th February 2018 at 2100 hrs we are going to conduct Free Webinar on Option Chain Basics to join please click hereANYWAY 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.
Anyway lets move further and Analyse what could be road ahead for Nifty & Nifty Bank for next session.
Nifty Spot Closed with Gains of 100 points or 0.96% at 10577 whereas Nifty Future closed at 10572 (Discount of 5 points)
Nifty Bank Closed with Gains of 251 points or 0.98% at 25921 whereas Bank Nifty Future closed at 25942 (Premium of 21 points)
Nifty View
Now lets have look at Nifty Future Daily Chart.
As discussed in our last post "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".
We can see that today Bulls managed to make high 10640 but then some fall came in. Going forward still 10635-10650 shall act as stiff resistance.
PLEASE NOTE LEVELS MENTIONED ABOVE ARE ON FUTURE BASIS
We can see Bears managed to make low below channel pattern so StopLoss was triggered for said formation but at the same time we can also say that support was taken near to lower Trendline of channel pattern
Nifty Bank View
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)
As discussed in our last post "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".
We can see that today Bulls managed to make high 10640 but then some fall came in. Going forward still 10635-10650 shall act as stiff resistance.
PLEASE NOTE LEVELS MENTIONED ABOVE ARE ON FUTURE BASIS
LETS HAVE LOOK AT SPOT NIFTY DAILY CHART
(Incase if you are not able to view full image click on image to enlarge)
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)More or less Chart setup is same here too. But on account of weekly expiry Bulls managed to lift it high but again after 1st effort which failed to cross previous session high but then in some volatile moves Bulls just managed to cross previous day high but again some fall was witnessed.
LETS HAVE LOOK AT SPOT NIFTY BANK DAILY CHART
(Incase if you are not able to view full image click on image to enlarge)
Option Chain Data.
Nifty
Surprisingly 10500 PE got highest additions of more than 953k shares which resulted 10500 PE gaining highest Open Interest tag after that 10000 PE has got about 5616k shares. which may act as strong support
On upside 11000 & 11100 CE has got considerable Open Interest whic may act as resistance going forward.
Surprisingly 10500 PE got highest additions of more than 953k shares which resulted 10500 PE gaining highest Open Interest tag after that 10000 PE has got about 5616k shares. which may act as strong support
On upside 11000 & 11100 CE has got considerable Open Interest whic may act as resistance going forward.
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 0.88 (Neutral) for Nifty whereas for Nifty Bank it is 1.14 (Neutral)
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)
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