Nifty & Nifty Bank View for 03/01/2019

MARKET PARTICIPANTS WERE READY FOR SOME FALL OR CONSOLIDATION BUT BEAR ATTACK CAME OUT OF COURSE...!!!

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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 118 points Loss at 10793

Nifty Bank Closed with 218 points Loss at 27175

Nifty View

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

Resistance zones ~  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 ~ 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

Next Session may remain range bound and 10960-11000 must act as strong resistance. (Previous blog spot view)

Still one more fall in this week till 10680-10720 level can't be ruled out. 


Nifty Bank View

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

Resistance Zone ~ 27230-27335-27405-27470-27600-27640-27680-27720-27790-27825-27845-27890-27940-27970-28060-28130-28175-28210-28265-28320-28375-28320-28375

Support ~ 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

Still 2 sessions remaining for weekly expiry but still we feel that 27500 must as strong resistance. (Previous blog spot view)

27000-27100 as expected as (via option chain analysis) acted as strong support zone. Going forward some more downside can't be ruled out. 

Option Chain Data

Nifty

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

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

Good Profit booking can be seen with liquidation on PE front. Clear frustration can be seen by CE additions in Bulls Camp. 

Nifty Bank

Weekly Option Chain

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

Still we hold same option of expiry range 27000-27500

Monthly Option Chain

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

Put Call Ratio Stands at 1.231 for Nifty whereas for Nifty Bank it is 1.24

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