Nifty & Nifty Bank View for 28/06/2018

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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 100 points Loss at 10671 whereas Nifty Future (June Series) closed at 10671 (Flat) 

Nifty Bank Closed with 178 points Loss at 26423 whereas Bank Nifty Future (June Series) closed at 26429 (Premium of 6 Points) 

Nifty View

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

Resistance ~ 10690-10715-10740-10785-10815-10840-10870-10895-10940

Support ~ 10650-10615-10585-10555-10525-10500-10460

Conclusion

Today's big red candle is Bearish Engulfing which indicates huge confidence in Bears Camp and that may lead to more downside. 

Next session being expiry session we expect some volatile moves but not like May Expiry.   

FOR ENTIRE SERIES WE STILL HOLD SAME VIEW 10600 SHALL ACT AS STRONG SUPPORT. (REPEAT COMMENT) 

Nifty Bank View

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

Resistance ~ 26450-26520-26615-26650-26695-26765-26805-26900-26970-27045-27145-27230

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

Conclusion

Today's big red candle is Bearish Engulfing which indicates huge confidence in Bears Camp and that may lead to more downside. 

Next session being expiry session we expect some volatile moves but not like May Expiry.   

FOR ENTIRE SERIES WE STILL HOLD SAME VIEW 26000 SHALL ACT AS STRONG SUPPORT. (REPEAT COMMENT) 

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. 

FURTHER ADDITIONS IN 10700-10750-10800 CE INDICATES ENTRY OF RETAIL TRADERS (WRITERS) DUE TO NEARBY EXPIRY

Only surprise is Open Interest at 10200 & 10000 PE (VERY OLD & REPEAT COMMENT) 

Nifty Bank (Considering only monthly Option Chain)

Open Interest additions can be seen on 26200-26300 PE side which is just to balance liquidations in 26400 to 27000 PE. 

27000 CE IS STANDING STRONG AS WALL OF RESISTANCE AND ON DOWNSIDE 26000 PE IS HAVING GOOD OPEN INTEREST WHICH MUST ACT AS STRONG SUPPORT EXCEPT ANY BAD NEWS OR DRAMA. 

Put Call Ratio Stands at 1.04 for Nifty whereas for Nifty Bank it is 0.70

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