Nifty & Nifty Bank Weekly View for 05/02/2018 to 09/02/2018

IN OUR LAST POST (WEEKLY VIEW) WE HAD GIVEN OUR VIEW FOR NIFTY & NIFTY BANK AND UPTO CERTAIN EXTENT BOTH INDICES MOVED AS PER OUR EXPECTATION. FURTHER FOR PROPER UNDERSTANDING OF THIS POST WE REQUEST YOU ALL TO READ OUR PREVIOUS WEEKLY POST FIRST 

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

Nifty View

Now lets have look at spot Nifty Daily Chart. (Old chart of last post)

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

Now lets have look at spot Nifty Weekly Chart. (Updated chart with some indicators)

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

As expected Bears managed to take Nifty to sudden downside levels. Infact our key level of 10786 is also broken (indicated in red horizontal line) Immediate support on downside comes at 10666 (trend based) and 10625 (50 DEMA) & 10391 (100 DEMA) 

"Medium chart (Weekly) suggested upside target of 11354 and till now Bulls managed to cover about 200 points" (updated weekly chart is as under) and with this fall those Bulls who were in left out felling can take entry with stoploss 10320 Spot Nifty (Closing basis)

Now lets have look at spot Nifty Weekly Chart. (Old chart of last post)

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

Now lets have look at spot Nifty Weekly Chart. (Updated chart with some indicators)

As discussed on daily chart analysis conservative Bulls have got re-entry and on weekly chart 10400-10420 must as strong support on closing basis. So immediate bounce till 11000 cannot be ruled out. 

Nifty Bank View

Now lets have look at spot Nifty Bank Daily Chart. (Old chart of last post)

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

Now lets have look at spot Nifty Bank Daily Chart. (Updated chart with some indicators)

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

50DEMA comes below 24000 and 100DEMA comes below 22000 so looking at recent consolidation and breakout we feel it will be bit tough task for Bears to bring Nifty Bank to that levels. 

Again if we see chart Bulls who were in left out feeling are getting chance to re-enter in Breakout Trade. 

Now lets have look at spot Nifty Bank Weekly Chart. (Old chart of last post)

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

Now lets have look at spot Nifty Bank Weekly Chart. (Updated chart with some indicators)

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

As dicussed in our last post "On weekly chart we can see that Breakout on upside took place at around 26500 or so but in last 2 weeks Bulls managed to lift Nifty Bank more than 1750 points so here also we feel that Bulls who are in left our mode in this sudden up-move they may get chance in sudden move on account of volatile moves in next week" Now all depends on next week for minor pullback for more upside road ahead.  

FINAL CONCLUSION

Though on weekly chart both Indices have made Bearish Engulfing but we feel this chart singal may not be work as per current chart structure. 

We have already gained 150 points in single Option Trade for Nifty and now our Next Target is to trade in Nifty Bank Option for bigger gain. 

Option Chain Data.

Nifty

Heavy liquidation in 11000 PE shows panic in PE Option Writers Camp. Still good part for Bulls is 10500 PE is having highest Open Interest so that may act as strong support. Mammoth additions on 10800-10900-11000-11200 CE of about 5735k shares some bounce can't be ruled out. 

Nifty Bank (Considering only weekly Option Chain)

Looking at highest Open Interest on both side and at last close we can see that spot Nifty Bank closed below highest Open Interest on PE front. So some adjustment by writers camp can't be ruled out but at the same time on CE front still highest Open Interest is at 28000 CE. 

Put Call Ratio Stands at 0.82 (Near to oversold) for Nifty whereas for Nifty Bank it is 1.02 (Neutral) 

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Options Basics on 05/02/2018 at 2100 hrs  

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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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.