Nifty & Nifty Bank View for 30/05/2018

ONCE AGAIN BULLS AND BEARS RESPECTED OUR VIEW SHARED IN OUR LAST BLOG SPOT.

WE HAVE STARTED SHARING FREE TRADING CALLS (FOR EDUCATION PURPOSE ONLY) ON OUR TELEGRAM CHANNEL 

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

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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 55 points at 10633 whereas Nifty Future (May Series) closed at 10615 (Discount of 18 points) 

Nifty Bank Closed with Loss of 359 points at 26255 whereas Bank Nifty Future (May Series) closed at 26184 (Discount of 71 Points) 

Nifty View

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

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

Support ~ 10596-10535-10495-10455-10400-10345-10285-10178-10235-10120-10040-9985-9910-9870-9815

Conclusion

Close below 10600 may give more strength to bears which may lead to some bad expiry. 

Nifty Bank View

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

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

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

Conclusion


Close below 26100 may give more strength to bears which may lead to some bad expiry. 

Option Chain Data

Nifty

Liquidation in Open Interest in strike price 10500 to 10700 reflects profit booking on PE Front. Bulls will be forced to work for additions that they have made 10700 CE

Nifty Bank (Considering only monthly Option Chain)

Huge Open Interest liquidation can be seen on PE which can be interpreted as Profit booking. Bulls will be forced to work for additions that they have made 26200-26500 Ce range. 

Put Call Ratio Stands at 1.20 (Overbought) for Nifty whereas for Nifty Bank it is 0.91 (Overbought) 

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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.