Nifty & Nifty Bank View for 10/01/2019

WE HAD GIVEN TITLE OF OUR LAST BLOG POST AS 

"Can we expect 10850+ & 27700+ for #Nifty & #NiftyBank closing in next session...???"

TODAY NIFTY (SPOT) OPENED AT 10862.40 AND MADE HIGH OF 10870.40 BY 9:45 AM; WHEREAS IF WE TALK ABOUT NIFTY BANK THEN IT OPENED AT 27660.85 AND BY CLOSE BULLS MANAGED HIGH OF 27753.95...!!!

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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 53 points Gain at 10855

Nifty Bank Closed with 210 points Gain at 27720

Nifty View

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

Resistance zones ~  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 ~ 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

Still upmove move is pending as per chart structure. Expecting upside move till 10880-10900 (spot basis) is possible in this week. (Previous blog post conclusion) 

Long legged doji candle near to symmetrical candle upper trendline leads to some doubt for significant upside but still more upside move with some volatility (zig-zag moves) till 10920-10940 can't be ruled 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

Breakout can be seen on above chart structure. Still upmove till 27700-27800 is possible in this week. (Previous blog post conclusion) 

As expected 27700+ levels done by Bulls but problem is next session we have weekly expiry...!!! Going further we feel that moves till 27900 (+/- 50 points) cant be ruled out in next session. 

Option Chain Data Analysis 

Nifty

Genuine Profit booking can be seen on CE front and additions on PE front reflects frustration of Bears camp. (Previous blog post conclusion) 

Far OTM 11500 CE too undergone liquidation which leads to doubt over any major upside. 

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. (Previous blog post conclusion) 

Next session being weekly expiry session we feel that it makes no sense to analyse study said option chain. 

Monthly Option Chain

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

One fall till 27500 or even lower levels is required as current structure...!!!!

Put Call Ratio Stands at 1.16 for Nifty whereas for Nifty Bank it is 1.34

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