Nifty & Nifty Bank View for 08/01/2019

BEFORE OUR MARKET OPENED WE HAD GIVEN CLEAR HINT THAT ONE MUST NOT CHASE THIS GAP UP BY OUR ONE OF FREE WEBINAR RECORDING (ATR-TR) ON OUR TWITTER HANDLE  

NOW LETS CHECK OPEN HIGH AND LOW DATA FOR NIFTY & NIFTY BANK. 

NIFTY

PREVIOUS CLOSE - 10727

OPEN - 10804.85

HIGH - 10835.95

LOW - 10750.15

CLOSE - 10771.80

Effectively Bulls had managed give gap up opening of about 101 points from previous close and about 31 from opening levels thus it almost completed ATR...!!!

NIFTY BANK

PREVIOUS CLOSE - 27195

OPEN - 27378.65

HIGH - 27477.80

LOW - 27279.85

CLOSE - 27304.55

Effectively Bulls had managed give gap up opening of about 180 points from previous close and about 100 from opening levels thus it almost completed ATR...!!!

So those who have tried to chase gap-up and may have to booked early or may have ended up stop loss. 

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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 44 points Gain at 10772

Nifty Bank Closed with 110 points Gain at 27305

Nifty View

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

Resistance zones ~  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 ~ 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

As mentioned in our last weekly blog post we are expecting Bulls shall manage touch upper trendline and thus final leg of symmetrical triangle formation. 

Nifty Bank View

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

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

Support ~ 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

Wedge trendline time being done now next session is important for breakout or reversal. 

Option Chain Data

Nifty

10500 PE is having good open interest but still 10000 PE open interest cannot be ignored at present. 

Nifty Bank

Weekly Option Chain

Pre-mature to say any thing at present. 

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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