Nifty & Nifty Bank View for 20/07/2018

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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 23 points Loss at 10957 whereas Nifty Future (July Series) closed at 10983 (Premium of 26 Points) 

Nifty Bank Closed with 91 points Loss at 26790 whereas Bank Nifty Future (July Series) closed at 26853 (Premium of 63 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

Conclusion

As we can see in chart next session is make or break for Bulls. 10940-10950 is important support zone for Bulls on Nifty Future 

BANKNIFTY FUTURE CHART 

Nifty Bank View

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

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

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

Conclusion

As we can see in above chart Bears manage to give breakdown in last 1 hour or trade but first 60 mins in next session are more important for final confirmation of Breakdown. 

26500 must act as strong support for remaining 2 sessions of this week. (Repeat comment) 

Option Chain Data

Nifty

2 times Bulls managed to close above 11000 but somehow again Bears manage to drag Nifty down again. Still additions PE fronts indicates more downside.  

Nifty Bank 

Monthly Option Chain

Huge OPEN INTEREST built-up can be seen on CE front at 27000o that may act as resistance. On downside highest OPEN INTEREST can seen at 26000 PE. 

Put Call Ratio Stands at 1.35 for Nifty whereas for Nifty Bank it is 0.77

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