Nifty & Nifty Bank View for 07/12/2018

UNEXPECTED ATTACK BY BEARS BUT SOMEHOW IT IS INLINE WITH OUR EXPECTATIONS...!!!

10700 was our expectation for Nifty on Downside and expected support for Nifty Bank was at 26500 but Bears were in too much hurry to surpass targets...!!!

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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 182 points Loss at 10601

Nifty Bank Closed with 321 points Loss at 26198

Nifty View

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

Resistance zones ~  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 ~ 10585-10555-10525-10500-10460-10380-10350-10325-10325-10295-10270-10225-10180-10140-10110-10075-10045-10005-9955

CONCLUSION

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 (Previous blog post comment) 

Tomorrow will be last trading session for week. Now Bulls must protect 10550-10580 on closing basis for spot Nifty else if Bears manage to give close below that then more 100-150 points fall cant be ruled out. 


Nifty Bank View

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

Resistance Zone ~ 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 ~ 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

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. (Previous blog post comment) 

Till yesterday immediate demand zone was looking quite far but now we feel that said demand zone must be protected by Bulls but if Bears manage to give close below that then easy fall of more 200 points cant be ruled out. 


Option Chain Data

Nifty

Mammoth liquidation can be seen on PE front but still 10000 & 10500 PE are having huge open interest. 


Nifty Bank


Weekly Option Chain

Premature to say anything at present. 

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 1.15 for Nifty whereas for Nifty Bank it is 1.16

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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.