Nifty & Nifty Bank View for 10/04/2018

IN OUR WEEKLY VIEW WE HAD SAID CLEARLY EXCEPT ANY DRAMA WE ARE NOT LOOKING NIFTY & NIFTY BANK BELOW 10000 & 24000. THOSE MISSED THAT POST ARE REQUEST 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 48 points or 0.46% at 10379 whereas Nifty Future (April Series) closed at 10394 (Premium of 15 Points) 

Nifty Bank Closed with Gains of 221 points or 0.89% at 25094 whereas Bank Nifty Future (April Series) closed at 24092 (Premium of 2 Points) 

Nifty View

Let's have look at Nifty future daily chart

WE CAN SEE THAT NIFTY FUTURE HAS GIVEN CHANNEL PATTERN BREAKOUT BUT ROAD AHEAD FOR BULLS WOULD BE EASY. BULLS MAY FACE STRONG RESISTANCE AT 10490-10540 ZONE. CLOSE ABOVE THIS MAY TRIGGER MORE UPSIDE MOVE UPTO 1%.

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

Resistance ~ 10400-10455-10495-10535-10596-10666-10760-10786-10830-10883

Support ~ 10345-10285-10178-10235-10120-10040-9985-9910-9870-9815

Nifty Bank View

Let's have look at Bank Nifty future daily chart

WE CAN SEE THAT BANK NIFTY FUTURE HAS GIVEN BREAKOUT FROM WEDGE FORMATION BUT ROAD AHEAD FOR BULLS WOULD NOT BE EASY. 25280-25400 WILL BE STRONG RESISTANCE ZONE FOR BULLS. CLOSE ABOVE THIS ZONE WITH VOLUMES MAY TRIGGER MORE RALLY UPTO 1%

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

Resistance ~ 25150-25220-25340-25455-25640-25775-25880-25925-26336-26424-26457

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

Option Chain Data.

Nifty 

Open Interest data analysis not possible due to NSE Website Issue. 

Nifty Bank (Considering only monthly Option Chain)

Open Interest data analysis not possible due to NSE Website Issue. 

Put Call Ratio Stands at 1.11 (Neutral) for Nifty whereas for Nifty Bank it is 1.50 (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.