Nifty & Nifty Bank View for 17/07/2018

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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 75 points Loss at 10937 whereas Nifty Future (July Series) closed at 10947 (Premium of 10 Points) 

Nifty Bank Closed with 256 points Loss at 26670 whereas Bank Nifty Future (July Series) closed at 26724 (Premium of 54 Points) 

Nifty View

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

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

Support ~ 10895-10870-10840-10815-10785

Conclusion

In our weekly post we had expected some consolidated moves but Bears made good comeback today...!!! But with today's fall we can see Nifty Future turned into premium. 

Somehow we feel next session shall be again in Bear grip or consolidation atleast. 

Nifty Bank View

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

Resistance ~ 26695-26765-26805-26970-26900-27045-27145-27230

Support ~ 26650-26615-26520-26450-26410-26325

Conclusion

26500 should act as strong support going forward. Next session may act as reversal  candle and/or final day for Bears in this week. 

Option Chain Data

Nifty

10600 PE has gained highest Open Interest tag but additions in 10900 & 11100 PE indicates situation of Frustrated Bears. Overall about 22 lakhs shares were added in 10900 & 11000 PE strikes. 


Nifty Bank 

Weekly Option Chain (19 July 2018) 

26500-26600 PE having huge Open Interest but 25500 PE is also having huge built-up. Upside 27000 CE must act as strong resistance. 

Monthly Option Chain

26000 PE & 27500 CE are having has gained highest Open Interest tag so that may act as support & resistance. (Repeat comment) 

Put Call Ratio Stands at 1.38 for Nifty whereas for Nifty Bank it is 0.99

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