Nifty & Nifty Bank View for 06/12/2018

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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 87 points Loss at 10783

Nifty Bank Closed with 174 points Loss at 26520

Nifty View

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

Resistance zones ~  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 ~ 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

With slow and steady moves daily it seems Bears are coming back and this moves may lead to fall till 10700-10750 zone. (Previous blog post comment) 

We can see that wedge formation is clearly in place and some how we feel that 10700 and then 10600 can be support on immediate basis. BUT WE ARE EXPECTED SOME PAUSE TOMORROW ATLEAST 

Nifty Bank View

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

Resistance Zone ~ 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 ~ 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

Due to event tomorrow and then weekly expiry we feel that some flashes can be seen on both side but weekly expiry would be below 27000 spot basis. (Previous blog post comment) 

Immediate Demand zone is about 600 points far from last close but we feel that next session being expiry session Bulls shall try to save 26500 but if Bears manage to do some carnage and somehow spot NIFTYBANK sustains below 26500 then more downside of 200-300 times can't be ruled. 

Option Chain Data

Nifty

Aggressive Built-up can be seen on PE front. OPEN INTEREST looking at present set up looks like Bears are getting ready for attack very soon. (Previous blog post comment) 

Good liquidation can be seen on PE front. We are expecting some tight range move again in next session. 

Nifty Bank


Weekly Option Chain

Clear panic situation can be seen at 26500 PE writer camp and accordingly some adjustment can be seen on lower strikes. 

Monthly Option Chain

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

Put Call Ratio Stands at 1.34 for Nifty whereas for Nifty Bank it is 1.29

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