ONCE AGAIN GOOD FIGHT BETWEEN BULLS & BEARS WAS SEEN TODAY BUT TOWARDS CLOSE BULLS MANAGED TO GAIN CONTROL AND THAT RESULTED CLOSING WITH GOOD GAINS OVER PREVIOUS CLOSE.
LETS TRY STUDY UPDATED NIFTY BANK CHART ON 60 MINS CHART AS IT IS FORMING SYMMETRICAL TRIANGLE.
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.LETS TRY STUDY UPDATED NIFTY BANK CHART ON 60 MINS CHART AS IT IS FORMING SYMMETRICAL TRIANGLE.
WE HAVE ALREADY SHARED OUR WEEKLY VIEW THOSE WHO MISSED TO READ THAT ARE REQUESTED TO CLICK HERE TO READ IT.
Nifty Spot Closed with 56 points Gains at 10843 whereas Nifty Future (June Series) closed at 10847 (Premium of 4 points)
Nifty Bank Closed with 154 points Gains at 26607 whereas Bank Nifty Future (May Series) closed at 26636 (Premium of 29 Points)
Nifty View
Resistance ~ 10883-10970-11045-11000
Support ~ 10830-10786-10760-10666-10596-10535-10495-10455-10400-10345-10285-10178-10235-10120-10040-9985-9910-9870-9815
Conclusion
Today's high shall act as stiff resistance for next session but that is cleared we can expect more upside of 80-100 points in quick fire mode.
FOR ENTIRE SERIES WE STILL HOLD SAME VIEW 10500 SHALL ACT AS STRONG SUPPORT.
Nifty Bank View
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 DOJI CANDLE high shall act as strong resistance going forward on closing basis. (Repeat View as previous session high is not cleared convincingly)
Nifty
Open Interest additions in 10400 to 10900 PE reflects frustration of Bears.
Only surprise is Open Interest at 10200 PE. (Repeat Comment)
Open Interest data suggest range for this series would be 26000-27000 (Highest OI) shifting from 25500 to 26000 has taken place. (Repeat Comment)
Put Call Ratio Stands at 1.33 for Nifty whereas for Nifty Bank it is 0.79
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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.
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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.
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