Nifty & Nifty Bank View for 23/01/2019

IT WAS BULLS TIME YESTERDAY AND TODAY IT WAS BEARS TURN...!!!!

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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 39 points Loss at 10923

Nifty Bank Closed with 51 points Loss at 27482

Nifty View

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

Resistance zones ~  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 ~ 10895-10870-10840-10815-10785-10740-10715-10690-10650-10615-10585-10555-10525-10500-10460-10380-10350-10325-10325-10295-10270-10225-10180-10140-10110-10075-10045-10005-9955

CONCLUSION

10965-10990 is strong resistance zone and Bulls may face some problem to clear this zone in next session. (Previous blog post comment) 


10985-10967 must act as strong resistance/supply zone. We are not expecting close below 10800 in next session. 

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

27720-27755 is strong resistance zone and on downside 27250-27180 must act as support zone. (Previous blog post comment) 

We still stick to our last blog post view of resistance and support zone. 

Option Chain Data Analysis 

Nifty

Major liquidation on CE front leads to some doubt over major upside. Sudden move on upside shocked Bears and that can be seen by huge additions on PE front. We are not expecting close below 27200 in next session. (Previous blog post comment) 


With small fall huge liquidation on PE is not good sign for Bears. 

Nifty Bank

Weekly Option Chain


27700 must act as resistance for next session. On downside 27200 is good support as per built-up on weekly option chain. (Previous blog post comment) 


Slowly slowly built-up is taking place which shall act as strong resistance for this weekly series. 

Monthly Option Chain

One close below 27500 is must as per option chain data. (Previous blog post comment) 


We feel that one fall till 27200 cant be ruled out in this week. 

Put Call Ratio Stands at 1.29 for Nifty whereas for Nifty Bank it is 1.20

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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.