Nifty & Nifty Bank View for 04/01/2019

WE HAD EXPECTED 10680-10720 ZONE FOR NIFTY IN OUR LAST BLOG POST BUT SOMEHOW WE FAILED TO PREDICT NIFTY BANK EXPIRY CLOSING LEVEL...!!!

NIFTY VIEW

NIFTY BANK VIEW

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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 120 points Loss at 10672

Nifty Bank Closed with 215 points Loss at 26960

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

Still one more fall in this week till 10680-10720 level can't be ruled out. (Previous blog spot view)

More than 200 points fall in last 2 days and tomorrow being last session of week feel that some bounce and/or consolidation can't be ruled out.

Nifty Bank View

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

Resistance Zone ~ 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 ~ 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 as expected as (via option chain analysis) acted as strong support zone. Going forward some more downside can't be ruled out. (Previous blog spot view)


More than 200 points fall in last 2 days and tomorrow being last session of week feel that some bounce and/or consolidation can't be ruled out.

Option Chain Data

Nifty

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

Enough Liquidation can be seen in ITM PE so going forward we feel that some consolidation  or some bounce can't be ruled out. (also confirmed on chart structure)  

Nifty Bank

Weekly Option Chain

Still we hold same option of expiry range 27000-27500 (Previous blog spot view)

Bears already managed close below 27000 mark now going forward some more pain cannot be ruled but present Option chain built-up is in process.  

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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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.