Nifty & Nifty Bank View for 21/02/2018

ON ACCOUNT OF POSITIVE CUES FROM SGX NIFTY BULLS MANAGED TO OPEN NIFTY & NIFTY BANK ON UPSIDE BUT TILL 1500 HRS MOVES WERE TOO TIGHT AND IT WAS PERFECT TUG OF WAR BETWEEN BULLS AND BEARS. BUT AFTER 1500 HRS  SUDDENLY BEARS ATTACKED AND THAT RESULTED IN CLOSE NEAR TO DAY'S LOW FOR BOTH INDICES. 

DURING WEEKEND WE ARE GOING TO CONDUCT FREE WEBINARS; LINKS FOR SAME ARE GIVEN AT END OF THIS BLOG POST. 

AGGRESSIVE BEARISH PATTERN WHICH WE HAD DISCUSSED ON OUR WEEKLY VIEW BLOG POST IS NOT GETTING MORE AND MORE CONFIRMATION. TO READ THAT BLOG POST CLICK HERE. 

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.

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

Nifty Spot Closed with Loss of 18 points or 0.17% at 10360 whereas Nifty Future closed at 10344 (Discount of 16 points) 

Nifty Bank Closed with Loss of 184 points or 0.73% at 24874 whereas Bank Nifty Future closed at 24838 (Discount of 36 points) 

Nifty View

Now lets have look at Nifty (Cash/Spot) Daily Chart.

(Incase if you are not able to view full image click on image to enlarge)

Now for next trading session important Resistance & Support Levels are as under:- 

Resistance ~ 10400-10455-10495-10535
Support ~ 10345-10285-10235


Lets have look at Aggressive Bearish Pattern which is forming on Nifty Future Daily Chart

We have already shared levels for this pattern in our weekly view blog post. 

Nifty Bank View

Now lets have look at Nifty Bank (Cash/Spot) Daily Chart.

(Incase if you are not able to view full image click on image to enlarge)

Now for next trading session important Resistance & Support Levels are as under:- 

Resistance levels are 25065-25150-25220-25340-25455-25650
Support levels are 24810-24650

Lets have look at Aggressive Bearish Pattern which is forming on Bank Nifty Future Daily Chart

We have already shared levels for this pattern in our weekly view blog post. 

Option Chain Data.

Nifty

Huge liquidation in Open Interest can be seen on all strike prices above at 10500 CE (OTM Only) Now highest Open Interest on PE front is at 10300 PE if we talk about CE front then 11100 CE is having highest Open Interest tag which may act as resistance. 

Nifty Bank (Considering only monthly Option Chain)

Huge Open Interest can be seen at 24500 PE but today's panic leaded to more additions iin 24500 & 24000 PE which will be interesting to see. 

On CE front highest Open Interest on tag is with 25500CE 

Put Call Ratio Stands at 0.82 (Near to Oversold zone) for Nifty whereas for Nifty Bank it is 0.68 (Highly Oversold zone) 

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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.