Nifty & Nifty Bank View for 24/08/2018

NIFTY BULLS & BEARS RESPECTED OUR VIEW SHARED IN LAST BLOG POST...!!!

NIFTY CONCLUSION WAS AS UNDER:- 

WE HAD EXPECTED GAP-UP UPTO 40 POINTS BUT BULLS MANAGED TO GIVE GAP UP OPENING OF ABOUT 50 POINTS...!!! BUT LATER ON ENTIRE DAY WAS PASSED IN ZIG ZAG MOVES ONLY AND AT END BULLS MANAGED GIVE MINOR POSITIVE CLOSE. 

NOW LETS CHECK NIFTY BANK CONCLUSION:- 

WE HAD EXPECTED STRONG RESISTANCE ZONE 28350-28400 AND TODAY'S HIGH IS 28325 AND LOW IS 27965...!!!

ANYWAY LETS MOVE AHEAD. WE FEEL GLAD TO ANNOUNCE THAT 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 4 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  12 points Gains at 11583 whereas Nifty Future (August Series) closed at 11595 (Premium of 12 Points) 

Nifty Bank Closed with 230 points Loss at 28028 whereas Bank Nifty Future (August Series) closed at 28099 (Premium of 71 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 ~ 11590-11580-11565-11540-11520-11510-11495-11470-11435-11425-11425-11410-11385-11360-11330-11300-11275-11235-11210-11185-11170-11150-11125-11100-11070-11045-11020-10980-10940-10895-10870-10840-10815-10785

Conclusion

11600 is without shadow of doubt is strong hurdle for Bulls to clear on closing basis but once cleared that more upside of about 100-125 points will be easy move for Bulls. 

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

28000 will act as strong support on closing basis for Bulls but if Bears manages to close below that then easy move of 200 points on downside cant be ruled out. 

Option Chain Data

Nifty

Now expecting shifting on CE front from 11500 to 11600 in next session. 

Nifty Bank 

Monthly Option Chain

27500-28500 is range as per OPEN INTEREST data. Mammoth additions can be seen 28500 CE which has lead to change in highest OPEN INTEREST tag. 

Put Call Ratio Stands at 1.61 for Nifty whereas for Nifty Bank it is 1.12

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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.