Nifty & Nifty Bank View for 10/05/2018

SLOW AND STEADY MOVE IN  NIFTY & BANK NIFTY...!!!

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 (ALREADY 2 SEATS BOOKED) 

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 Small Gains of 24 points or 0.22% at 10742 whereas Nifty Future (May Series) closed at 10769 (Premium of 27 points) 

Nifty Bank Closed with Small Gains of 64 points or 0.25% at 26154 whereas Bank Nifty Future (May Series) closed at 26128 (Discount of 26 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. (Repeat Comment) 

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.

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 ~ 26336-26424-26457

Support ~ 26135-25925-25880-25640-25775-25455-25340-25220-25150-25065-24810-24680-24650-24515-24150-24250-24380-24085-24010-23930-23810-23740

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. (Previous Blog View)

Aggressive Pattern is formed with today close; But not it makes no sense take entry on long side targets (can be considered resistance also) as per that patterns comes at 26171, 26324 & 26571.

We shall be conducting free webinar on this pattern on Saturday at 8 a (In Hindi) Click here to get registered for that webinar

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.