YESTERDAY BEFORE MARKET OPENED WE HAD GIVEN HINT OF LIMITED UPSIDE AFTER OPENING AND THEN DURING MARKET HOURS WE HAD POSTED CHART ABOUT DIVERGENCE ON SMALLER TIMEFRAME AND THEN PROBABLE UP-MOVE...!!!
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CLICK ON BELOW LINKS TO UNDERSTAND IN OUR VIEW THAT WE HAD SHARED PART FROM OUR WEEKLY BLOG POST.
WE HAVE ALREADY SHARED OUR WEEKLY VIEW INCASE IF YOU HAVE MISSED OUR THAT BLOG POST PLEASE CLICK HERE TO READ THAT POST
FROM 26 JANUARY 2019 WE ARE GOING START ONLINE WORKSHOP TECHNICAL ANALYSIS & OPTION AND/OR TRADING (WEEKEND BATCH)
Special offer till 10th January 2019
- Join TA+OT workshop and get 3 months free option trading views/calls
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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 30 points Gain at 10802
Nifty Bank Closed with 205 points Gain at 27510
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
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. (Previous blog post conclusion)
Still upmove move is pending as per chart structure. Expecting upside move till 10880-10900 (spot basis) is possible in this week.
Now for next trading session important Resistance & Support Levels (Spot basis) are as under:-
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
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. (Previous blog post conclusion)
Still upmove move is pending as per chart structure. Expecting upside move till 10880-10900 (spot basis) is possible in this week.
Nifty Bank View
Now for next trading session important Resistance & Support Levels (Spot basis) are as under:-
Resistance Zone ~ 27600-27640-27680-27720-27790-27825-27845-27890-27940-27970-28060-28130-28175-28210-28265-28320-28375-28320-28375
Support ~ 27470-27405-27335-27230-27145-27045-26970-26900-26805-26765-26695-26650-26615-26520-26450-26410-26325-26285-26255-26170-26070-26015-25985-25920-25810-25775-25650-25455-25340-25220-25065-25150-24810-24680-24515-24380-24250-24010-23810-23660-23575-23475-23445-23215-23090-22980
Conclusion
Wedge trendline time being done now next session is important for breakout or reversal. (Previous blog post conclusion)
Breakout can be seen on above chart structure. Still upmove till 27700-27800 is possible in this week.
Option Chain Data Analysis
Nifty
Genuine Profit booking can be seen on CE front and additions on PE front reflects frustration of Bears camp.
Nifty Bank
Weekly Option Chain
Genuine Profit booking can be seen on CE front till 27600 and additions on PE front reflects frustration of Bears camp.
Too much scattered data to conclude anything. (Repeat comment)
Put Call Ratio Stands at 1.16 for Nifty whereas for Nifty Bank it is 1.32
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