Nifty & Nifty Bank View for 24/07/2018

DURING WEEKEND WE HAD SHARED OUR VIEW ON DIFFERENT STOCK BUT IN THAT OUR VIEW ON PC JEWELLER ROCKED AGAIN...!!! (2nd WEEK IN ROW) 

WE HAVE ARRANGED 2 FREE WEBINARS ON NEXT SUNDAY. DETAILS ABOUT SAME ARE AS UNDER:- 

• DIVERGENCE ANALYSIS ON SUNDAY AT 1100 HRS. TO REGISTER CLICK HERE. 
• AGGRESSIVE PATTERN (GENERALLY LEAD TO SHORT COVERING OR LONG BUILT-UP) ON SUNDAY AT 1230 HRS. TO REGISTER CLICK HERE.

RECORDINGS OF OLD WEBINARS CAN BE FOUND HERE 

FROM 6th AUGUST 2018 WE ARE GOING TO START ONLINE TECHNICAL ANALYSIS WEEKDAY BATCH  (7th IN ROW) FOR AVAILING 10% EARLY BIRD DISCOUNT TILL 31/07/2018 AND/OR 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 75 points Gains at 11085 whereas Nifty Future (July Series) closed at 11099 (Premium of 14 Points) 

Nifty Bank Closed with 135 points Gains at 27008 whereas Bank Nifty Future (July Series) closed at 27073 (Premium of 65 Points) 

NIFTY FUTURE CHART 

Nifty View

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

Resistance ~ 11100-11125

Support ~ 11070-11045-11020-10980-10940-10895-10870-10840-10815-10785

Conclusion

As we can see in chart Bulls have already managed for Breakout. Now if we consider pattern either wedge or channel then probably target comes around 11215 in next 3-4 sessions. 

BANK NIFTY FUTURE CHART 

Nifty Bank View

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

Resistance ~ 27045-27145-27230-27335

Support ~ 26970-26900-26805-26765-26695-26650-26615-26520

Conclusion

On Positional trading basis we can can see that Bulls yet to make Breakout in wedge/channel formation. Going forward 27200 (with leverage of 50 points) shoud act as resistance. 

Option Chain Data

Nifty

As expected in weekly post some shifting is taking place in Option Chain. Looking at present setup relying Option Chain is quite risky. 

Nifty Bank 

Monthly Option Chain

As expected in weekly post some shifting is taking place in Option Chain. 

But still OPEN INTEREST at 27500 CE is quit significant. We are expecting some built-up at 26800-27000 PE going forward. 

Put Call Ratio Stands at 1.66 for Nifty whereas for Nifty Bank it is 1.09

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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.