Nifty & Nifty Bank View for 03/07/2018

JUNE SERIES AS NOT GOOD FOR US BUT JULY WE STARTED WITH BIG BANG AND IN SINGLE CALL FOR BANK NIFTY WE GAINED MORE 200 POINTS...!!!

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TODAY WE HAVE BOOKED MORE THAN 50 POINTS IN INTRADAY TRADE IN CRUDE.

TODAY ONE OF OUR WORKSHOP PARTICIPANTS HAD GIVEN SHORT CALL FOR BANK NIFTY  FUTURE WITH JUST STOP-LOSS OF 20 POINTS. 

AFTER WHICH LOW OF 26065 WAS MADE...!!!

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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 57 points Loss at 10657 whereas Nifty Future (July Series) closed at 10658 (Premium of 1 Point) 

Nifty Bank Closed with 134 points Loss at 26230 whereas Bank Nifty Future (June Series) closed at 26237 (Premium of 7 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 candle formation is Dark Cloud Cover which gives hint of some weakness in next session but we feel Bulls did good recovery from lower levels today. So we feel today's low must act as strong support for next session. 

Nifty Bank View

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

Resistance ~ 26255-26285-26325-26410-26450-26520-26615-26650-26695-26765-26805-26900-26970-27045-27145-27230

Support ~ 26170-26070-25985-25920-25810

Conclusion

Today's Doji shows tough fight between market participants. So again Today's low shall act as strong support for next session. 

Option Chain Data

Nifty

It will be bit premature to study  Option chain Open Interest data. 

Nifty Bank (Considering only monthly Option Chain)

It will be bit premature to study  Option chain Open Interest data. 

Put Call Ratio Stands at 1.13 for Nifty whereas for Nifty Bank it is 1.06

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