Nifty & Nifty Bank View for 19/04/2018

EFFECT OF DOJI CANDLE WAS EXPERIENCED TODAY WITH SOME NEWS FLOW AND SOME VOLATILITY IN NIFTY & BANK NIFTY...!!!

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 Loss of 23 points or 0.21% at 10526 whereas Nifty Future (April Series) closed at 10539 (Premium of 13 Points) 

Nifty Bank Closed with Loss of 232 points or 0.92% at 25102 whereas Bank Nifty Future (April Series) closed at 25125 (Premium of 23Points) 

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 2 RED CANDLES WHICH RAISES DOUBT OVER M,ORE UPSIDE.

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

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

Option Chain Data.

Nifty 

Significant Open Interest additions can be seen 10500 PE shows frustration of Bears. Highest OI PE Front at 10400 whereas on CE front it is at 10700. 

Nifty Bank (Considering only monthly Option Chain)

Some shifting in Open Interest in 24500 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 1.38 (Overbought) for Nifty whereas for Nifty Bank it is 1.30 (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.