Nifty & Nifty Bank View for 11/07/2018

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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 90 points Gains at 10947 whereas Nifty Future (July Series) closed at 10948 (Premium of 1 Point) 

Nifty Bank Closed with 141 points Gains at 26895 whereas Bank Nifty Future (July Series) closed at 26879 (Discount of 16 Points) 

NIFTY FUTURE CHART 

Nifty View

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

Resistance ~ 10980-11020-11045-11070-11000

Support ~ 10940-10895-10870-10840-10815-10785-10740-10715-10690-10650

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) (OLD COMMENT) 


So more or less we can say then with today's upmove of about 100 points almost our expectation of 11000 (+/- 25 points) is also fulfilled. 

Going forward if we consider today's closing then Technically we have closed at highest level (for Nifty Future) after 1st February 2018 we feel that 10950 shall act as strong resistance but if cleared on closing basis then new life time high can't be ruled out in July Series. 

BANK NIFTY FUTURE 

Nifty Bank View

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

Resistance ~ 26900-26970-27045-27145-27230

Support ~ 26805-26765-26695-26650-26615-26520-26450-26410-26325

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) (OLD COMMENT)

As said in previous 27000 (+/- 25 points) was our target and Bulls managed to lift Bank Nifty Future 26925...!!!

Now going forward 27020-27060 shall act as strong resistance zone on closing basis. 

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. (Repeat Comment) 

Now liquidation in 10700-10800-10900-11000 CE indicates some caution for Bulls going ahead. 

Frustration of Bears can be seen with mammoth addition at 10800 & 10900 PE (Additions of about 2720k shares)  

Nifty Bank 

Weekly Option Chain

26700 PE & 27000 CE are having has gained highest Open Interest tag so that may act as support & resistance. 

Additions in 26500 to 267000 PE shows frustration of Bears. Out of Money Option contracts 27000 CE and above shows entry to Greedy Option Traders. 

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) 

27500 CE Open Interest tag which is quite obvious due to good one sided moves in last 2 days. 

Put Call Ratio Stands at 1.41 for Nifty whereas for Nifty Bank it is 0.97

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