Nifty & Nifty Bank View for 24/05/2018

YESTERDAY'S PAUSE IN FORM OF DOJI CANDLE WAS TRAP FOR ALL BULLS FURTHER BEARS MANAGED TO CLOSE SPOT NIFTY BELOW HIGHEST PE OPEN INTEREST. BELOW IS 10500 PE CHART WHICH WE HAVE BEEN POSTING SOCIAL MEDIA FROM QUITE SOME TIME. 

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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 of 106 points at 10430 whereas Nifty Future (May Series) closed at 10427 (Discount of 3 points) 

Nifty Bank Closed with Loss of 93 points at 25685 whereas Bank Nifty Future (May Series) closed at 25601 (Discount of 84 Points) 

Nifty View

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

Resistance ~ 10455-10495-10535-10596-10666-10760-10786-10830-10883-10970-11045-11000

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

Conclusion

Today's Big red candle indicates sudden strike by Bears after pause in yesterday's session. Going forward Bulls must strike back in session or 2 else chances Bears may get more strength which may end up with Nifty touching 10300-10350 zone before week close. 

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 Red Doji candle reflects weakness after yesterday's pause but 25500 may act as strong support. 

Option Chain Data

Nifty

Liquidation in Open Interest in strike price 10500 to 11500 reflects profit booking. But close below 10500 PE can be interpreted as more panic left 

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 almost 80% task done by Bears) Now going forward we do not expect anything major on downside form last close.

Put Call Ratio Stands at 0.90 (Neutral) for Nifty whereas for Nifty Bank it is 0.77 (Oversold) 

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