Nifty & Nifty Bank View for 31/08/2018

VIEW WAS 11750-11760 RANGE SHALL ACT AS STRONG RESISTANCE FOR NIFTY WHEREAS 28370-28400 SHALL BE STRONG RESISTANCE ZONE FOR NIFTY BANK (SHARED IN OUR LAST BLOG POST) WHICH WAS RESPECTED BY MARKET PARTICIPANTS. 

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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 15 points Loss at 11677 whereas Nifty Future (September Series) closed at 11733 (Premium of 56 Points) 

Nifty Bank Closed with 121 points Loss at 28103 whereas Bank Nifty Future (September Series) closed at 28222 (Premium of 2 Points) 

Nifty View

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

Resistance zones ~  11690-11710-11725-11735-11750-11900-11920 (zone as per higher time-frames) 

Support ~ 11655-11620-11605-11585-11565-11550-11525-11495-11470-11435-11425-11425-11410-11385-11360-11330-11300-11275-11235-11210-11185-11170-11150-11125-11100-11070-11045-11020-10980-10940-10895-10870-10840-10815-10785

Conclusion

Still we feel that 11750-11760 shall be strong resistance zone for next session. 

Nifty Bank View

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

Resistance Zone ~ 28060-28130-28175-28210-28265-28320-28375-28320-28375

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

Conclusion

Once again 28370-28400 acted as stiff resistance and shall be again hurdle for Bulls in next session. (Repeat Comment) 

Option Chain Data

Nifty

OPEN INTEREST may not give exact idea as built-up yet to take place. 

Nifty Bank 

Weekly Option Chain

OPEN INTEREST suggests range of 28000-28500 for next weekly expiry 

Monthly Option Chain

OPEN INTEREST may not give exact idea as built-up yet to take place. 

Put Call Ratio Stands at 1.16 for Nifty whereas for Nifty Bank it is 1.04

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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.