Nifty & Nifty Bank View for 13/04/2018

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. 

ALSO WE HAD SAID WELL IN ADVANCE THAT ANY BEARISH PATTERN LIKE HEAD & SHOULDER OR INVERTED FLAG & POLE ARE VOID. AFTER THAT NIFTY & BANK NIFTY GAINED ABOUT 400 & 1200 POINTS RESPECTIVELY. 

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

Nifty Spot Closed with Gains of 42 points or 0.40% at 10459 whereas Nifty Future (April Series) closed at 10465 (Premium of 6 Points) 

Nifty Bank Closed with Gains of 97 points or 0.39% at 25195 whereas Bank Nifty Future (April Series) closed at 25184 (Discount of 11 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 NOT BE EASY. BULLS MAY FACE STRONG RESISTANCE AT 10490-10540 ZONE. CLOSE ABOVE THIS MAY TRIGGER MORE UPSIDE MOVE UPTO 1%. (REPEAT COMMENT AND PROVING ITS WORTH)

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

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

Support ~ 10455-10400-10345-10285-10178-10235-10120-10040-9985-9910-9870-9815

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

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

Option Chain Data.

Nifty 

Significant Open Interest additions in 10300-10400 leads to some doubt over significant upside. Further we have strong Resistance zone 10490-10540 (NIFTY FUTURE) 

Nifty Bank (Considering only monthly Option Chain)

Some shifting in Open Interest in 24000 to 24500 (PE Front) and 25000 to 25500 (CE Front) can be interpreted as some adjustment by Writers. 

Put Call Ratio Stands at 1.36 (Overbought) for Nifty whereas for Nifty Bank it is 1.51 (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.