Nifty & Nifty Bank View for 10/07/2018

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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 80 points Gains at 10853 whereas Nifty Future (July Series) closed at 10859 (Premium of 6 Points) 

Nifty Bank Closed with 259 points Gains at 26753 whereas Bank Nifty Future (July Series) closed at 26710 (Discount of 43 Points) 

NIFTY FUTURE CHART 

Nifty View

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

Resistance ~ 10870-10895-10940-10980-11020-11045-11070-11000

Support ~ 10840-10815-10785-10740-10715-10690-10650-10615-10585

Conclusion

As we can see in chart Bulls managed to give breakout from wedge/triangle formation but still we feel 10850-10875 is strong resistance zone as per NIFTY FUTURE momentum. Any close above this zone may lead to fresh rally near to 11000 (+/- 25 points) 

BANK NIFTY FUTURE 

Nifty Bank View

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

Resistance ~ 26765-26805-26900-26970-27045-27145-27230

Support ~ 26695-26650-26615-26520-26450-26410-26325-26285-26255-26170-26070

Conclusion

As we can see in chart Bulls managed to give breakout from wedge/triangle formation but still we feel 26780-26825 is strong resistance zone as per BANK NIFTY FUTURE momentum. Any close above this zone may lead to fresh rally near to 27000 (+/- 25 points) 

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. 

Now liquidation in 10700-10800 CE indicates some caution for Bulls going ahead. Frustration of Bears can be seen with mammoth addition at 10800 PE. 

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. (Old comment) 

Now as expected we can see that additions in 26500 PE resulted into contraction of Option Chain and Range is reduced to 26500-27000 only. 

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. (Old comment) 

Some liquidation can be seen on CE front from 26000 to 27000. On PE front frustration of Bears can be seen with additions that took place today. 

Put Call Ratio Stands at 1.27 for Nifty whereas for Nifty Bank it is 1.00

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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.