Nifty & Nifty Bank View for 02/01/2019

WE HAD SHARED OUR VIEW BY LAST BLOG POST AND GAVE CONCLUSION THAT 10800-10820 SHALL ACT AS STRONG SUPPORT FOR SPOT NIFTY FOR TODAY'S SESSION...!!!

WHEREAS TODAY BEARS MANAGED LOW OF 10807 AND THEREAFTER BULLS MADE PHENOMENAL COME BACK...!!!

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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 48 points Gains at 10910

Nifty Bank Closed with 232 points Gains at 27392

Nifty View

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

Resistance zones ~  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 ~ 10895-10870-10840-10815-10785-10740-10715-10690-10650-10615-10585-10555-10525-10500-10460-10380-10350-10325-10325-10295-10270-10225-10180-10140-10110-10075-10045-10005-9955

CONCLUSION

10800-10820 is strong support zone for next session. (Previous blog spot view)

Next Session may remain range bound and 10960-11000 must act as strong resistance. 

Nifty Bank View

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

Resistance Zone ~ 27405-27470-27600-27640-27680-27720-27790-27825-27845-27890-27940-27970-28060-28130-28175-28210-28265-28320-28375-28320-28375

Support ~ 27335-27230-27145-27045-26970-26900-26805-26765-26695-26650-26615-26520-26450-26410-26325-26285-26255-26170-26070-26015-25985-25920-25810-25775-25650-25455-25340-25220-25065-25150-24810-24680-24515-24380-24250-24010-23810-23660-23575-23475-23445-23215-23090-22980

Conclusion

27000-27100 is going to be strong support zone for next session. (Previous blog spot view)

Still 2 sessions remaining for weekly expiry but still we feel that 27500 must as strong resistance. 

Option Chain Data

Nifty

Bit premature to conclude any thing at present but 11000 PE Open Interest is quite surprising.  (Repeat comment) 

But somehow we feel that Bulls shall make their presence felt in this series and every dip will be buying opportunity in this series till 10700 level spot basis. (Previous blog comment) 

Looking at option chain changes we feel that range bound moves can't be ruled in next session. 

Nifty Bank

Weekly Option Chain

Seems Bulls may try their best to touch 27400 in weekly series. (Previous blog spot view)

Even novice can say that 27000-27500 would range for weekly expiry but this may change on account of any news flow. 

Monthly Option Chain

Too much scattered data to conclude anything. (Repeat comment) 

Put Call Ratio Stands at 1.31 for Nifty whereas for Nifty Bank it is 1.20

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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.