Nifty & Nifty Bank View for 11/01/2019

IN OUR LAST BLOG POST WE HAD GIVEN CLEAR VIEW THAT SOME ZIGZAG MOVES CAN'T BE RULED OUT...!!!

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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 34 points Loss at 10822

Nifty Bank Closed with 192 points Loss at 27529

Nifty View

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

Resistance zones ~  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 ~ 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

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...!!! (Previous blog post conclusion) 

Bulls must manage to clear 10850-10870 zone in next session to have upper hand in next 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

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. (Previous blog post conclusion) 

Bearish Engulfing at top of wedge to some doubt over major upside which is also confirmed by upper trendline of rising wedge (which is acting as resistance) 

Option Chain Data Analysis 

Nifty

Far OTM 11500 CE too undergone liquidation which leads to doubt over any major upside. (Previous blog post conclusion) 

Looking at addition on 11000 CE we feel that Bears must strike back for minimum 2-3 sessions which may start tomorrow or early part of next week. 

Nifty Bank

Weekly Option Chain

Next session being weekly expiry session we feel that it makes no sense to analyse study said option chain. (Previous blog post conclusion) 

Built-up taking place but still we feel that one move till 27000 (+/- 100 points) is not impossible on or before next weekly expiry. 

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...!!!! (Previous blog post conclusion) 

1 FALL TILL 27000 IS DUE IN NEXT 6 SESSIONS

Put Call Ratio Stands at 1.21 for Nifty whereas for Nifty Bank it is 1.26

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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.