Nifty & Nifty Bank View for 04/12/2018

SOME HOW BULLS ARE FACING RESISTANCE AT HIGHER LEVEL AT THE SAME TIME SOMEHOW CRUDE IS ALSO GIVING SIGNALS OF REVERSAL...!!!

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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 7 points Gain at 10884

Nifty Bank Closed with 5 points Loss at 26858

Nifty View

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

Resistance zones ~  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 ~ 10870-10840-10815-10785-10740-10715-10690-10650-10615-10585-10555-10525-10500-10460-10380-10350-10325-10325-10295-10270-10225-10180-10140-10110-10075-10045-10005-9955

CONCLUSION

We can see that still candle bodies are well within wedge formation and accordingly we can conclude that it will be premature to say/expect BREAKOUT

Nifty Bank View

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

Resistance Zone ~ 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 ~ 26805-26765-26695-26650-26615-26520-26450-26410-26325-26285-26255-26170-26070-26015-25985-25920-25810-25775-25650-25455-25340-25220-25065-25150-24810-24680-24515-24380-24250-24010-23810-23660-23575-23475-23445-23215-23090-22980

Conclusion

We can see in chart that prices are within supply zone and hence Bulls are facing problem to clear this zone. 

Option Chain Data

Nifty

It is clearly visible that  highest OPEN INTEREST on 11000 CE is acting as resistance. 

Nifty Bank


Weekly Option Chain

Good Built-up can be seen on both side of option chain. 

Monthly Option Chain

We can see that 26000 CE though having highest OPEN INTEREST last close is above that strike price. 

Put Call Ratio Stands at 1.37 for Nifty whereas for Nifty Bank it is 1.25

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