Nifty & Nifty Bank View for 09/05/2018

BEAUTY AND PERFECTION OF LEVELS...!!!

WHATEVER LEVELS THAT WE HAD SHARED FOR PROFIT BOOKING FOR P C JEWELLER YESTERDAY TODAY BULLS MANAGED TO LIFT TO THAT LEVELS AND THEN BEARS DRIFTED STOCK TO LOWER LEVELS. (CLICK ON HEADING TO KNOW ABOUT THAT) 

FROM MAY 19, 2018 WE ARE GOING TO START FRESH WEEKEND BATCH ON TECHNICAL ANALYSIS. FOR MORE DETAILS CONTACT 08866145155 OR DROP MAIL ON NIFTY50STRIKER@GMAIL.COM

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 Minor Gains of 2 points or 0.02% at 10718 whereas Nifty Future (May Series) closed at 10735 (Premium of 17 points) 

Nifty Bank Closed with Mammoth Gains of 238 points or 0.92% at 26090 whereas Bank Nifty Future (May Series) closed at 26043 (Discount of 47 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

Though today's candle shows strength on Bulls part but we expect more upside only above 10800 levels on closing basis. (Previous blog post conclusion) 

As we can see that Bulls are not having enough strength to lift Nifty to higher levels and we are not able to clear 10685-10810 zone. Today's candle is not favoring Bulls. 

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 ~ 26135-26336-26424-26457

Support ~ 25925-25880-25640-25775-25455-25340-25220-25150-25065-24810-24680-24650-24515-24150-24250-24380-24085-24010-23930-23810-23740

Conclusion

Though Bulls managed positive close with gains more than 0.50% over previous close but today's doji candle can create some problems at higher levels also. 

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) 

But Looking at liquidation on CE front today and additions on PE front we can see now upside is limited. (Repeat comment) 

Nifty Bank (Considering only monthly Option Chain)

Huge Open Open Interest additions can be seen on 26000 CE which may act as stiff resistance. (Cleared today but sustaining above this needs to be confirmed in next 2 sessions) 

Put Call Ratio Stands at 1.28 (Overbought) for Nifty whereas for Nifty Bank it is 1.23 (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.