Nifty & Nifty Bank View for 18/04/2018

AS EXPECTED IN OUR LAST POST DESPITE BULLS MANAGED TO CLOSE ABOVE RESISTANCE ON MONDAY NEXT 2 SESSIONS ARE IMPORTANT AND RESULT IS IN FRONT OF US. BULLS HAD TO WORK HARD TO CLOSE WITH GAINS. BUT STILL TODAY'S CANDLE IS DOJI IN NATURE WHICH AGAIN SHOWS INDECISIVENESS OF TREND FURTHER OR PERHAPS REVERSAL...!!!

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 20 points or 0.19% at 10548 whereas Nifty Future (April Series) closed at 10551 (Premium of 3 Points) 

Nifty Bank Closed with Gains of 14 points or 0.05% at 25334 whereas Bank Nifty Future (April Series) closed at 25334 (FLAT) 

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 WITH FOLLOWING CANDLE (LAST CANDLE) BEING DOJI SO NEXT SESSION WILL BE CRUCIAL FOR BULLS TO LIFT NIFTY TILL 10700 LEVELS OR ABOVE

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

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

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

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

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

Option Chain Data.

Nifty 

Significant Open Interest liquidation can be seen at 10400-10500 CE leads to some doubt over significant upside. But continuous additions in near by OTM PE with liquidation in far OTM shows frustration of Bears as in last 9 sessions Bulls managed to lift Nifty more than 400 points. 

Nifty Bank (Considering only monthly Option Chain)

Some shifting in Open Interest in 24000 to 25000 (PE Front) can be seen whereas on CE Front already shifting from 25000 to 26000 is done by market participants; which can be considered range shifting. 

Put Call Ratio Stands at 1.44 (Overbought) for Nifty whereas for Nifty Bank it is 1.40 (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.