Nifty & Nifty Bank View for 23/05/2018

ATLAST SOME PAUSE IN FALLING TREND AND PROBABLY BULLS PREPARING TO GET BACK ON STREET....!!!

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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 Gains at 20 points at 10537 whereas Nifty Future (May Series) closed at 10553 (Premium of 16 points) 

Nifty Bank Closed with Gains of 27 points at 25778 whereas Bank Nifty Future (May Series) closed at 25817 (Premium of 39 Points) 

Nifty View

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

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

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

Conclusion

Today's Green Doji candle indicates pause in falling trend which may act as reversal; if Bulls manage to save 10500 on closing basis (Today's low 10490 - Spot Nifty)  

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 Green Doji candle indicates pause in falling trend which may act as reversal; if Bulls manage to save 25500 on closing basis (Today's low 10490 - Spot Nifty)  

Option Chain Data

Nifty

Liquidation in Open Interest in strike price 10500 to 11500 reflects profit booking. 

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

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 60% task done by Bears) Now going forward we do not expect anything major on downside form last close. 

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