Nifty & Nifty Bank View for 29/05/2018

AS PROMISED IN OUR LAST WEEKLY BLOG POST WE HAVE STARTED GIVING FREE CALLS ON OUR CHANNEL (FOR EDUCATION PURPOSE ONLY) TODAY WE HAD GIVEN OPTION TRADING WHICH GAVE RETURNS MORE THAN 65%. TO KNOW THAT CALL AND TO JOIN OUR TELEGRAM CHANNEL CLICK HERE

NOT ONLY THAT WE HAD ALSO GIVEN CAUTION ABOUT UPCOMING UPSIDE MOVE ON OUR TWITTER HANDLE AS WELL AS ON TELEGRAM CHANNEL BY SIMPLE MESSAGE. 

FROM JUNE 11, 2018 WE ARE GOING TO START FRESH WEEKDAY BATCH ON TECHNICAL ANALYSIS. AS SPECIAL OFFER WE ARE GIVING 10% DISCOUNT ON WORKSHOP FEE (4500 INSTEAD OF 5000) FOR 4 MONTHS (WORKSHOP AND SUPPORT) FOR MORE DETAILS CONTACT 08866145155 OR DROP MAIL ON NIFTY50STRIKER@GMAIL.COM

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 Gains of 84 points at 10689 whereas Nifty Future (May Series) closed at 10679 (Discount of 10 points) 

Nifty Bank Closed with Gains of 341 points at 26641 whereas Bank Nifty Future (May Series) closed at 26542 (Discount of 99 Points) 

Nifty View

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 green candle indicates bullish momentum but all all depends on next 2 session about continuity trend. But in that 10615 (spot Nifty shall play as crucial role on closing basis) 

Nifty Bank View

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

Resistance ~ 26615-26760-26890-27065-27250-27400

Support ~ 26457-26424-26336-26135-25925-25880-25640-25775-25455-25340-25220-25150-25065-24810-24680-24650-24515-24150-24250-24380-24085-24010-23930-23810-23740

Conclusion


Today's Green candle reflects some overconfidence of Bulls which may lead into sudden strike by Bears any time. 

Option Chain Data

Nifty

Liquidation in Open Interest in strike price 10600 & 10800 reflects profit booking on CE Front. Bulls will be forced to work hard to clear 10800 on closing basis. 

Nifty Bank (Considering only monthly Option Chain)

Huge Open Interest liquidation can be seen on 26500 CE which can be interpreted as panic exit by writers where as good additions can be seen in 27000 CE which may act as stiff resistance 

Put Call Ratio Stands at 1.38 (Overbought) for Nifty whereas for Nifty Bank it is 1.46 (Overbought) 

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