Nifty & Nifty Bank View for 23/08/2018

CAN WE SEE CLOSE ABOVE 11600 & 28400 FOR NIFTY & NIFTY BANK IN NEXT SESSION...??? AT PRESENT IT IS SEEMS BIT DIFFICULT.

NIFTY & NIFTY BANK ARE MOVING AS PER OUR EXPECTATIONS WHICH WE HAD EXPECTED IN OUR WEEKLY POST...!!! 

FROM 9th SEPTEMBER WE ARE GOING TO START WEEKEND ONLINE TECHNICAL ANALYSIS WORKSHOP (9th BATCH) (TIMINGS SHALL BE WEEKEND 8 TO 10 AM) WE ARE OFFERING 10% EARLY BIRD DISCOUNT TILL 31/08/2018 (6750/- FOR  MONTHS INSTEAD OF 7500/-) FOR MORE DETAILS CALL 08866145155 OR DROP EMAIL 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 19 points Gains at 11571 whereas Nifty Future (August Series) closed at 11586 (Premium of 15 Points) 

Nifty Bank Closed with 16 points Loss at 28258 whereas Bank Nifty Future (August Series) closed at 28279 (Premium of 21 Points) 

Nifty View

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

Resistance zones ~  11900-11920 (zone as per higher time-frames) 

Support ~ 11510-11520-11495-11470-11435-11425-11425-11410-11385-11360-11330-11300-11275-11235-11210-11185-11170-11150-11125-11100-11070-11045-11020-10980-10940-10895-10870-10840-10815-10785

Conclusion

Bulls managed Nifty to sustain at higher levels. As Bulls managed to close at highest levels we fee some consolidation can't be ruled out. (Last blog post comment) 

Some more consolidation is expected at-least in 1st half if Bulls manages to give gapup opening upto 40 points.  

Nifty Bank View

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

Resistance Zone ~ 28295-28305 (zone)

Support ~ 28250-28190-28110-28065-28020-28000-27970-27940-27890-27845-27825-27790-27720-27680-27640-27600-27470-27335-27230-27145-27045-26970-26900-26805-26765-26695-26650-26615-26520

Conclusion

Bulls managed Nifty Bank to sustain at higher levels. As Bulls managed to close at highest levels we feel some consolidation can't be ruled out. (Last blog post comment)

Still Bulls shall be facing resistance in 28350-28400 (uncharted territory) 

Option Chain Data

Nifty

Dramatic changes in OPEN INTEREST can be seen in Option chain. We have been telling that we are expecting shift in highest OI from 11000 to 11200 but today that got changed from 11000 to 11400 on PE front now we are expecting shifting on CE front (already from 11500 to 11600 is done) but we are expecting shifting till 11700 or at 11800 by Thursday closing. (Last blog post comment) 

ITM liquidation and OTM additions can be seen on CE & PE front. 

Nifty Bank 

Weekly Option Chain

Expected range is 28000 to 28500 but we feel that shifting shall take place in 28200-28400 in session in first 3 hours 

Monthly Option Chain

27500-29000 is range as per OPEN INTEREST data.. 

Put Call Ratio Stands at 1.55 for Nifty whereas for Nifty Bank it is 1.40

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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.