Nifty & Nifty Bank View for 06/09/2018

ONCE AGAIN BEARS TASTED BLOOD OF BULLS...!!!

YESTERDAY WE HAD GIVEN STBT CALL ON IRB FUTURE ON OUR TELEGRAM CHANNEL & TELEGRAM CHANNEL BOT AND TODAY MORNING WE HAD GIVEN EXIT CALL WITH PROFIT OF ABOUT 10 POINTS OR 25000/LOT...!!!

FROM 9th SEPTEMBER 2018 WE ARE GOING TO START SEPTEMBER WEEKEND TECHNICAL ANALYSIS WORKSHOP (9th BATCH) (TIMINGS SHALL BE WEEKEND 8 TO 10 AM) (7500/- FOR 4 MONTHS) FOR MORE DETAILS CALL 08866145155 OR DROP EMAIL ON NIFTY50STRIKER@GMAIL.COM

WE HAVE ALREADY SHARED OUR WEEKLY VIEW TO READ THAT BLOG POST CLICK HERE 

Anyway lets move further and Analyse what could be road ahead for Nifty & Nifty Bank for next session.

Nifty Spot Closed with 43 points Loss at 11477 whereas Nifty Future (September Series) closed at 11518 (Premium of 45 Points) 

Nifty Bank Closed with 55 points Loss at 27376 whereas Bank Nifty Future (September Series) closed at 27535 (Premium of 159 Points) 

Nifty View

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

Resistance zones ~  11495-11525-11550-11565-11585-11605-11620-11655-11690-11710-11725-11735-11750-11900-11920 (zone as per higher time-frames) 

Support ~ 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

For next session 11500-11510 shall act as strong support if closed below this zone then it will open doors for downside till 11400-11410 (Previous blog post comment) 

As expected support level already touched we feel that now some bounce 11570-11580 & 11610-11620 can't be ruled out. 

Nifty Bank View

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

Resistance Zone ~ 27470-27600-27640-27680-27720-27790-27825-27845-27890-27940-27970-28060-28130-28175-28210-28265-28320-28375-28320-28375

Support ~ 27335-27230-27145-27045-26970-26900-26805-26765-26695-26650-26615-26520

Conclusion

Somehow we feel 27000-27100 shall act as reversal zone for this downside move. (Previous blog spot comment) 

As today's low is near to our given support zone we feel that Bulls shall try to lift Bank Nifty Future till 27700 levels in next 2 sessions. 

Option Chain Data

Nifty

Looking at present OPEN INTEREST it seems that 11400-11800 shall be range for this series. 

Mammoth additions in 11500 CE shows some bounce cant be ruled out. (Though as TextBook theory it is Option Writing but as per our theory it is genuine Buying which may lead to upside in next 2 sessions) (Disclosure ~ Having indirect financial interest in 11500 CE) 

Nifty Bank 

Weekly Option Chain

OPEN INTEREST suggests range of 27000-28000 (Bulls shall try their level best to protect 27000 on closing basis) 

Mammoth additions in 27400 CE is genuine buying though as per TextBook theory it is to be considered as writing.

Monthly Option Chain

OPEN INTEREST suggests range of 27000-29000 (Repeat comment) 

Put Call Ratio Stands at 1.23 for Nifty whereas for Nifty Bank it is 1.10

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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.