Nifty & Nifty Bank View for 06/07/2018

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TODAY WE HAD GIVEN BANK NIFTY FUTURE TRADING CALL WITH SMALL STOP LOSS BUT UNFORTUNATELY IN VOLATILE MOVES STOP-LOSS WAS TRIGGERED. 

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FROM 21st JULY 2018 WE ARE GOING TO START ONLINE TECHNICAL ANALYSIS WEEKEND BATCH (6th IN ROW) JOIN ON OR BEFORE 31st JULY 2018. 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 20 points Loss at 10750 whereas Nifty Future (July Series) closed at 10760 (Premium of 10 Points) 

Nifty Bank Closed with 70 points Gains at 26503 whereas Bank Nifty Future (July Series) closed at 26484 (Discount of 19 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 high of 10786 is near to our resistance of 10785 so going forward Bulls may face resistance near to that level but on downside 10730-10740 should act as strong support.

Nifty Bank View

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

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

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

Conclusion

26400 spot should act as strong support in next session. On upside 26615-26640 must act as strong resistance. 

Option Chain Data

Nifty

10600 PE has gained highest Open Interest tag so that may act as strong support where on CE front 11000 is having Open Interest tag which may act as strong resistance. But before that 10800 CE is having huge open position which may again act as strong resistance. 

Nifty Bank 

Weekly Option Chain

26000 PE & 27000 CE are having has gained highest Open Interest tag so that may act as support & resistance. Huge addition can be seen on both side of Option chain. We are expecting that some shifting (contraction) must take place in next on both side. 

Monthly Option Chain

25500 PE & 27000 CE are having has gained highest Open Interest tag so that may act as support & resistance. Still built-up process can be seen. To surprise 28000 CE is also having huge Open Position. 

Put Call Ratio Stands at 1.21 for Nifty whereas for Nifty Bank it is 1.05

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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.