Nifty & Nifty Bank View for 11/05/2018

 A PAUSE AFTER GOOD SLOW AND STEADY BUT STRONG MOVE...!!!

BUT WE HAD EXPECTED THIS MOVE WELL IN ADVANCE...!!!

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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 Loss of 25 points or 0.23% at 10717 whereas Nifty Future (May Series) closed at 10725 (Premium of 8 points) 

Nifty Bank Closed with Small Loss of 24 points or 0.09% at 26131 whereas Bank Nifty Future (May Series) closed at 26073 (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

Today's candle shows strength on Bears part as we can see that reversal signal pattern Dark Cloud Cover is formed.  So going forward if we Bearish manage to take control then we can expect more downside.

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

Ignoring Textbook condition of Dark cLoud Cover here also we can see same kind of formation. Going forward if Bears managed to control bulls for next 2 sessions then we can more downside. 

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 PE front today and additions on CE front we can see now downside is limited. (Fresh View) 

Nifty Bank (Considering only monthly Option Chain)

Huge Open Open Interest additions can be seen on 26500 CE which may act as stiff resistance. (Fresh View) 

Put Call Ratio Stands at 1.29 (Overbought) for Nifty whereas for Nifty Bank it is 1.10 (Neutral) 

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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.