Nifty & Nifty Bank View for 22/06/2018

TIGHT RANGE-BOUND BUT VOLATILE MOVES WAS TODAY'S ULTIMATE LEARNING.

NOW IF WE TALK ABOUT OPTION BUYERS THEN STRICT DISCIPLINE WAS TODAY PRE-REQUISITE ELSE IT WAS ONLY LOSS MAKING TRADES WHEREAS IF WE TALK ABOUT OPTION WRITERS THEN IT WAS WONDERFUL SESSION FOR THEM FOR ADJUSTING THEIR POSITIONS WHEN MOVES ARE FAST AND VOLATILE.

BUT WE HAD TRIED TO GIVE CAUTION TO OUR WORKSHOP PARTICIPANTS MID DAY.

NOT ONLY THAT IN SAME GROUP LATER ON WE ALSO GUIDED OUR WORKSHOP PARTICIPANTS ABOUT INTRADAY MOVES STEP BY STEP

FROM 21st JULY 2018 WE ARE GOING TO START ONLINE TECHNICAL ANALYSIS WEEKEND BATCH (6th IN ROW) JOIN ON OR BEFORE 31st JULY 2018 AND AVAIL EARLY BIRD DISCOUNT (10% ON COURSE FEE) DURATION OF COURSE 4 MONTHS (2 MONTHS WORKSHOP + 2 MONTHS ONLINE/OFFLINE SUPPORT) FOR MORE DETAILS CALL 08866145155 OR DROP MAIL ON NIFTY50STRIKER@GMAIL.COM

WE HAVE ALREADY SHARED OUR WEEKLY VIEW. TO READ OUR WEEKLY VIEW CLICK HERE 

Anyway lets move further and Analyse what could be road ahead for Nifty & Nifty Bank for next session.

Nifty Spot Closed with 30 points Loss at 10741 whereas Nifty Future (June Series) closed at 10734 (Discount of 7 points) 

Nifty Bank Closed with 61 points Loss at 26497 whereas Bank Nifty Future (June Series) closed at 26475 (Discount of 22 Points) 

Nifty View

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

Resistance ~ 10785-10815-10840-10870-10895-10940

Support ~ 10740-10715-10690-10650-10615-10585-10555-10525-10500-10460

Conclusion

Today's candle is Dark Cloud Cover which indicates Bears are gaining some confidence in range-bound session. 

10785-10815 zone for SPOT NIFTY is STRONG HURDLE for Bulls for next session.  

FOR ENTIRE SERIES WE STILL HOLD SAME VIEW 10500 SHALL ACT AS STRONG SUPPORT. 

Nifty Bank View

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

Resistance ~ 26520-26615-26650-26695-26765-26900-26970-27045-27145-27230

Support ~ 26450-26410-26325-26285-26255-26170-26070-25985-25920-25810

Conclusion

Though BIG RANGE BUT 26650-26695 is big hurdle for bulls to clear in next session. 

FOR ENTIRE SERIES WE STILL HOLD SAME VIEW 25500 SHALL ACT AS STRONG SUPPORT. 

Option Chain Data

Nifty

Open Interest  liquidations can be seen in nearby PE (ITM-ATM-OTM) which can be considered as exit of swing traders. 

Only surprise is Open Interest at 10200 & 10000 PE.  

Nifty Bank (Considering only monthly Option Chain)

Open Interest additions can be seen on side of Option Chain which indicates aggressive position built-up by market participants (Buyer & Writers) 

27000 CE IS STANDING STRONG AS WALL OF RESISTANCE. 

Put Call Ratio Stands at 1.19 for Nifty whereas for Nifty Bank it is 0.72

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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.