Nifty & Nifty Bank View for 17/10/2018

MOVES ARE AS PER EXPECTATION SHARED IN OUR LAST WEEKLY AS WELL AS DAILY BLOG...!!!

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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 72 Points Gain at 10585 whereas Nifty Future (October Series) closed at 10587 (Discount of 2 Points) 

Nifty Bank Closed with 202 points Gains at 25589 whereas Bank Nifty Future (October Series) closed at 25601 (Premium of 12 Points) 

Nifty View

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

Resistance zones ~  10585-10615-10650-10690-10715-10740-10785-10815-10840-10870-10895-10940-10980-11020-11045-11070-11100-11125-11150-11170-11185-11210-11275-11235-11330-11360-11300-11385-11410-11425-11425-11435-11470-11495-11525-11550-11565-11585-11605-11620-11655-11690-11710-11725-11735-11750

Support ~ 10555-10525-10500-10460-10415-10380-10350-10325-10295-10270-10225-10180-10110

CONCLUSION

Now for rest of session of this series 10330-10350 shall act as strong support zone. But on upside gap between 10754.70-10843.75 shall be strong hurdle. (shared in last blog) 

Going ahead now we fell that 10600-10610 is going to be hurdle in next session. 

Nifty Bank View

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

Resistance Zone ~ 25650-25775-25810-25920-25985-26015-26070-26170-26255-26285-26325-26410-26450-26520-26615-26650-26695-26765-26805-26900-26970-27045-27145-27230-27335-27405-27470-27600-27640-27680-27720-27790-27825-27845-27890-27940-27970-28060-28130-28175-28210-28265-28320-28375-28320-28375

Support ~ 25455-25340-25220-25150-25065-24810-24680-24515-24380-24250-24010-23810-23660-23575-23475-23445-23215-23090-22980

Conclusion

24220-24300  is strong support zone till 19/10/2018 if Bears manages to close below that sub 24000 levels cant be ignored. (Old comment) 

25800-25900 shall act as strong hurdle for reaming sessions of this week. 

Option Chain Data

Nifty

OPEN INTEREST additions can be seen on 10700-10800 CE which indicates some more upside in session or 2. (Previous blog post view) 

Mammoth liquidations in ITM CE leads to some doubt over more upside which is also confirmed by mammoth additions.   

Nifty Bank

Weekly Option Chain

OPEN INTEREST Built-up can be seen on both side of Option chain. 

Going forward close above 25500 (spot basis) shall lead to more quick fast moves till 25800. (Shared in last blog post) 

Monthly Option Chain

26500 CE OPEN INTEREST regained highest OI tag. Good Additions on PE front leads to conclusion of limited downside. 

Put Call Ratio Stands at 1.00 for Nifty whereas for Nifty Bank it is 1.22

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