Nifty & Nifty Bank View for 02/05/2018

WHATEVER WE HAD DISCUSSED ON RELIANCE INDUSTRIES IN OUR STUDENT'S GROUP ON FRIDAY HAS HAPPENED TODAY...!!!

FROM MAY 19, 2018 WE ARE GOING TO START FRESH WEEKEND BATCH ON TECHNICAL ANALYSIS. FOR MORE DETAILS CONTACT 08866145155 OR DROP MAIL ON NIFTY50STRIKER@GMAIL.COM

WE HAVE ALREADY SHARED OUR WEEKLY VIEW THOSE WHO MISSED TO READ THAT ARE REQUESTED 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 47 points or 0.44% at 10739 whereas Nifty Future (May Series) closed at 10780 (Premium of  41 points) 

Nifty Bank Closed with Gains of 137 points or 0.54% at 25531 whereas Bank Nifty Future (May Series) closed at 25636 (Premium of 105 Points) 

Nifty View


Lets have look at Nifty Future Daily Chart

Now for next trading session important Resistance & Support Levels (Spot basis) are as under:- 

Resistance ~ 10760-10786-10830-10883-10970-11045-11000

Support ~ 10666-10596-10535-10495-10455-10400-10345-10285-10178-10235-10120-10040-9985-9910-9870-9815

Conclusion 

We can see that Nifty Future has given clear breakout from resistance zone so more upside cant be ruled. 

Nifty Bank View


Lets have look at Bank Nifty Future Daily Chart

Now for next trading session important Resistance & Support Levels (Spot basis)are as under:- 

Resistance ~ 25640-25775-25880-25925-26336-26424-26457

Support ~ 25455-25340-25220-25150-25065-24810-24680-24650-24515-24150-24250-24380-24085-24010-23930-23810-23740

Conclusion 

We can see that bank Nifty Future has given clear breakout from resistance zone so more upside cant be ruled. but going forward 25750-25780 may act as strong resistance.

Option Chain Data.

Nifty 
We can see that slowly slowly Open Interest data is getting built and with that we can see 10500 PE shall act as strong support and on upside 11000 CE may act as resistance. 

Nifty Bank (Considering only monthly Option Chain)

Huge Open Open Interest can be seen 24000 & 24500 PE which can be considered as strong support. 

Put Call Ratio Stands at 1.23 (Overbought) for Nifty whereas for Nifty Bank it is 1.28 (Overbought) 

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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.