Nifty & Nifty Bank View for 17/04/2018

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 48 points or 0.46% at 10528 whereas Nifty Future (April Series) closed at 10546 (Premium of 18 Points) 

Nifty Bank Closed with Gains of 120 points or 0.48% at 25321 whereas Bank Nifty Future (April Series) closed at 25339 (Premium of 18 Points) 

Nifty View

Let's have look at Nifty future daily chart

WE CAN SEE THAT NIFTY FUTURE HAS GIVEN CHANNEL PATTERN BREAKOUT FURTHER BULLS ALSO MANAGED TO CLOSE ABOVE RESISTANCE ZONE BUT NEXT 2 SESSIONS WILL BE CRUCIAL FOR MARKET PARTICIPANTS.

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

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

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

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% (REPEAT COMMENT) 

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

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

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

Option Chain Data.

Nifty 

Significant Open Interest liquidation can be seen at 10300-10400-10500 CE leads to some doubt over significant upside. Going forward looking at additions 10300-10400-10500 PE some profit booking at higher levels cannot be ruled out. 

Nifty Bank (Considering only monthly Option Chain)

Some shifting in Open Interest in 25000 to 26000 (CE Front) can be seen. 

Put Call Ratio Stands at 1.45 (Overbought) for Nifty whereas for Nifty Bank it is 1.43 (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.