Nifty & Nifty Bank View for 06/06/2018

WHATEVER WE HAD DISCUSSED MONDAY IN OUR WORKSHOP PARTICIPANT GROUP FOR NIFTY BANK THAT HAPPENED TODAY. WE HAD EXPECTED 26000 (+/- 100 POINTS) FOR NIFTY BANK AND TODAY BEARS MANAGED TO MAKE LOW OF 24069.55 

NOT ONLY THAT TODAY WE HAD EXPRESSED OUR VIEW THAT TODAY MARKET MAY REMAIN RANGE BOUND LIKE LAST FRIDAY AND MORE OR LESS MOVES WERE LIKE THAT ONLY AND THAT IS REASON THAT WE DID NOT GAVE ANY OPTION CALL FOR TRADING. 

FROM JUNE 11, 2018 WE ARE GOING TO START FRESH WEEKDAY BATCH ON TECHNICAL ANALYSIS FOR JUST 5000/- FOR 4 MONTHS. 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 Loss of 35 points at 10593 whereas Nifty Future (June Series) closed at 10596 (Premium of 3 points) 

Nifty Bank Closed with Loss of 7 points at 26251 whereas Bank Nifty Future (May Series) closed at 26257 (Premium of 6 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 Doji Candle reflects tough fight between bulls and bears. Now all depends on 10500 spot Nifty which needs to be saved by Bulls for this entire series.  

Nifty Bank View

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

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

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

Conclusion

Today's Doji Candle reflects tough fight between bulls and bears. Now all depends on 26000 spot Nifty Bank which needs to be saved by Bulls for this week. 

Option Chain Data

Nifty

Open Interest built-up can be seen on 10400 & 10500 PE OI. CE front good additions can be seen in 10600 to 11000 which can be considered planning by bulls to strike back in very soon.

Nifty Bank (Considering only monthly Option Chain)

Open Interest data suggest range for this series would be 25600-27000 (Highest OI)

Put Call Ratio Stands at 1.02 for Nifty whereas for Nifty Bank it is 0.71

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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.