Nifty & Nifty Bank View for 26/12/2018

SEEMS BEARS LIKED BLOOD OF BULLS...!!!

MOVES IN GLOBAL MARKET AND NIFTY ARE IN LINE WITH OUR WEEKLY VIEW THAT WE HAVE ALREADY SHARED DURING WEEKEND. INCASE IF YOU MISSED THAT WE REQUEST YOU TO CLICK ON CLICK HERE 

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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 91 points Loss at 10664

Nifty Bank Closed with 23 points Loss at 26715

Nifty View

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

Resistance zones ~  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 ~ 10650-10615-10585-10555-10525-10500-10460-10380-10350-10325-10325-10295-10270-10225-10180-10140-10110-10075-10045-10005-9955

CONCLUSION

Now looking at last trading session intraday chart we feel that Some more upside till 11020-11050 cant be ruled out but now one must book profits in Nifty long positions (2nd last blog post conclusion) 

Premature to say divergence but need minimum 2 sessions to confirm same. (Previous blog spot view)

Divergence posted in last daily blog it proving its worth. (as divergence was already active on smaller time-frame and same was updated on our twitter handle)

Going forward looking at Daily Chart we feel that for this expiry 10480-10520 must act as strong support zone. 

Nifty Bank View

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

Resistance Zone ~ 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 ~ 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

Expectation was 27500+ in this week and Bulls managed high of 27364 but now next session being expiry session we feel that Bulls may have to wait for 1 session atleast. (2nd last blog post conclusion) 

Premature to say divergence but need minimum 2 sessions to confirm same. (Previous blog spot view) 

Looking at Daily Chart support is too far (below 25800) but going forward we feel that expiry shall be below 26500 levels

Option Chain Data

Nifty

At present we do not see expiry 10500 looking at option chain data. 

Nifty Bank


Monthly Option Chain

Mammoth additions can be seen OTM PE front which indicates more downside left in this series. 

Put Call Ratio Stands at 1.39 for Nifty whereas for Nifty Bank it is 1.27

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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.