Nifty & Nifty Bank View for 04/05/2018

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

Nifty Spot Closed with Loss of 38 points or 0.36% at 10680 whereas Nifty Future (May Series) closed at 10706 (Premium of  26 points) 

Nifty Bank Closed with Minor Gains of 37 points or 0.14% at 25605 whereas Bank Nifty Future (May Series) closed at 25712 (Premium of 76 Points) 

Nifty View


Lets have look at Nifty Future Daily Chart

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

Resistance ~ 10760-10786-10830-10883-10970-11045-11000

Support ~ 10666-10596-10535-10495-10455-10400-10345-10285-10178-10235-10120-10040-9985-9910-9870-9815

Conclusion

We can see that nifty future has faced resistance at 10755 level so going forward if bulls managed to clear this then only more upside can be seen else again on downside support of 10685 may act strong support. (Repeat Comment)

Nifty Bank View


Lets have look at Bank Nifty Future Daily Chart

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

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

Support ~ 25455-25340-25220-25150-25065-24810-24680-24650-24515-24150-24250-24380-24085-24010-23930-23810-23740

Conclusion 

We can see that bank Nifty Future has given clear breakout from resistance zone so more upside cant be ruled. but going forward 25750-25780 may act as strong resistance. (Repeat comment) 

Going forward 25450-25750 may act as range for next session. 

Option Chain Data.

Nifty 
We can see that slowly slowly Open Interest data is getting built and with that we can see 10500 PE shall act as strong support and on upside 11000 CE may act as resistance. (Repeat comment) 

Nifty Bank (Considering only monthly Option Chain)

Huge Open Open Interest can be seen 24000 & 24500 PE which can be considered as strong support. (Repeat Comment) 

Put Call Ratio Stands at 1.20 (Neutral) for Nifty whereas for Nifty Bank it is 1.44 (Overbought) 

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