Nifty & Nifty Bank View for 01/08/2018

BULLS TOOK SMALL BREAK BUT IN THAT BEARS TRIED TO BE IN DRIVER SEAT BUT SOME HOW STILL BOTH INDICES ARE IN SELF DRIVE MODE (BULLISH) WHICH WAS SEEN IN LAST 1 HOUR RECOVERY LEAD BY MAJOR HEAVY WEIGHTS. 

FROM 6th AUGUST 2018 WE ARE GOING TO START ONLINE TECHNICAL ANALYSIS WEEKDAY BATCH  (7th IN ROW) FOR AVAILING 10% EARLY BIRD DISCOUNT TILL 31/07/2018 AND/OR 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 37 points Gains at 11357 whereas Nifty Future (August Series) closed at 11375 (Premium of 18 Points) 

Nifty Bank Closed with 78 points Loss at 27764 whereas Bank Nifty Future (August Series) closed at 27811 (Premium of 47 Points) 

Nifty View

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

Resistance ~ 11390-11400 & 11510-11520 (zones as per higher time-frames) 

Support ~ 11320-11300-11275-11235-11210-11185-11170-11150-11125-11100-11070-11045-11020-10980-10940-10895-10870-10840-10815-10785

Conclusion

Once again technical pattern we can expect 11590-11600 levels for NIFTY FUTURE in next 30 sessions. Entry for this target can be taken till 11200-11180 levels. (Repeat comment) 

Nifty Bank View

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

Resistance ~ 27790-27825-27845 where on higher timeframe 28100-28200 zone should act as strong resistance zone going forward.  

Support ~ 27720-27680-27640-27600-27470-27335-27230-27145-27045-26970-26900-26805-26765-26695-26650-26615-26520

Conclusion

On very short term basis Bulls must be targeting 27900-27920 (already already shared by us on Telegram channel & Twitter handle) (Repeat comment) 

Now we feel that Tomorrow we may see this level on screen. 

Option Chain Data

Nifty

Good OPEN INTEREST built-up is taking place on both sides. 

Nifty Bank 

Weekly Option Chain

Some OPEN INTEREST built-up is required at 28000 CE. (Previous blog post comment) As expected in previous in previous post we can see some more additions in 27800-27900-28000 & 28200 CE. 

PE front 27500 PE gained highest OPEN INTEREST tag. 

Monthly Option Chain

Some OPEN INTEREST built-up can be seen in 28500 CE so probably Bulls are aiming that level also in this series. (Repeat comment) 

Put Call Ratio Stands at 1.45 for Nifty whereas for Nifty Bank it is 1.19

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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.