Nifty & Nifty Bank View for 22/05/2018

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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 at 80 points at 10517 whereas Nifty Future (May Series) closed at 10539 (Premium of 22 points) 

Nifty Bank Closed with Loss of 125 points at 25751 whereas Bank Nifty Future (May Series) closed at 25810 Premium of  59 Points) 

Nifty View

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

Resistance ~ 10535-10596-10666-10760-10786-10830-10883-10970-11045-11000

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

Conclusion

Today's big red candle indicates some more downside move cannot be ruled out. (Repeat comment) 

Nifty Bank View

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

Resistance ~ 25880-25925-26135-26336-26424-26457-26615-26760-26890-27065-27250-27400

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

Conclusion


Today's big red candle indicates some more downside move cannot be ruled out. 

Option Chain Data

Nifty

Liquidation in Open Interest in strike price above 10600 reflects profit booking. 

We are not expecting fall below 10500 except any drama. (Repeat drama) 

Nifty Bank (Considering only monthly Option Chain)

Huge Open Open Interest can be seen on 26500 CE which may act as stiff resistance. Now going forward more upside above 26500 can only be expected once Bulls manages to close above 26500 for Spot Nifty Bank (Repeat Para)

Going forward any close below 26000 may lead to some more downside which drag it till 25500 levels. (Repeat comment and 50% task done by Bears) 

Put Call Ratio Stands at 0.98 (Neutral) for Nifty whereas for Nifty Bank it is 0.87 (Neutral) 

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