TIGHT RANGE-BOUND MOVES BUT RESPECTING OUR LEVELS TO MAXIMUM EXTENT. IN OUR LAST POST WE HAD GIVEN FOLLOWING LEVELS FOR NIFTY & NIFTY BANK.
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Anyway lets move further and Analyse what could be road ahead for Nifty & Nifty Bank for next session.
NIFTY
WHEREAS ACTUAL HIGH AND LOW ARE AS UNDER:-
OPEN ~ 10742.70
HIGH ~ 10805.25
LOW ~ 10732.55
CLOSE ~ 10769.15
NIFTY BANK
WHEREAS ACTUAL HIGH AND LOW ARE AS UNDER:-
OPEN ~ 26495.65
HIGH ~ 26712.60
LOW ~ 26479.65
CLOSE ~ 26601.70
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WE HAVE ALREADY SHARED OUR WEEKLY VIEW. TO READ OUR WEEKLY VIEW CLICK HERE
Nifty Spot Closed with 7 points Gains at 10769 whereas Nifty Future (June Series) closed at 10758 (Discount of 9 points)
Nifty Bank Closed with 8 points Loss at 26602 whereas Bank Nifty Future (June Series) closed at 26600 (Discount of 2 Points)
Nifty View
Resistance ~ 10785-10815-10840-10870-10895-10940
Support ~ 10740-10715-10690-10650-10615-10585-10555-10525-10500-10460
Conclusion
Today's candle is DOJI which indicates some indecisiveness which can also be understood with flat close.
10825-10845 zone for SPOT NIFTY is STRONG HURDLE for Bulls for next session whereas on downside 10710-10720 must act STRONG SUPPORT.
FOR ENTIRE SERIES WE STILL HOLD SAME VIEW 10600 SHALL ACT AS STRONG SUPPORT. (FRESH UPDATE)
Nifty Bank View
Resistance ~ 26615-26650-26695-26765-26805-26900-26970-27045-27145-27230
Support ~ 26520-26450-26410-26325-26285-26255-26170-26070-25985-25920-25810
Conclusion
Though BIG RANGE BUT 26770-26810 is big hurdle for bulls to clear in next session whereas on downside 26480-26510 must act as strong support NIFTY BANK.
FOR ENTIRE SERIES WE STILL HOLD SAME VIEW 26000 SHALL ACT AS STRONG SUPPORT. (FRESH UPDATE)
Option Chain Data
Nifty
Open Interest liquidations can be seen in nearby CE (ITM-ATM-OTM) which can be considered as exit of swing traders.
FURTHER ADDITIONS IN 10600-10700 PE INDICATES ENTRY OF RETAIL TRADERS (WRITERS) DUE TO NEARBY EXPIRY
Only surprise is Open Interest at 10200 & 10000 PE (VERY OLD & REPEAT COMMENT)
Open Interest additions can be seen on both side of Option Chain which indicates aggressive position built-up by market participants (Buyer & Writers)
27000 CE IS STANDING STRONG AS WALL OF RESISTANCE AND ON DOWNSIDE 26000 & 26500 PE IS HAVING GOOD OPEN INTEREST (ALMOST SAME) WHICH MUST ACT AS STRONG SUPPORT EXCEPT ANY BAD NEWS OR DRAMA. SO GOING FORWARD 26500 PE SHALL ACT AS IMMEDIATE SUPPORT.
Put Call Ratio Stands at 1.25 for Nifty whereas for Nifty Bank it is 0.73
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T.ME/NIFTY50STRIKER
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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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