Nifty & Nifty Bank View for 24/01/2019

BEARS WANTED JUST TRIGGER AND THAT WAS GIVEN BY ITC RESULTS...!!!

BUT WE HAD TRIED TO GIVE SOME HINT IN OUR LAST BLOG POST...!!!

CONCLUSION FOR NIFTY & NIFTY BANK WAS AS UNDER:-

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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 91 points Loss at 10832

Nifty Bank Closed with 231 points Loss at 27251

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

10985-10967 must act as strong resistance/supply zone. We are not expecting close below 10800 in next session. (Previous blog post comment) 

Still Demand zone is bit far and Bears managed to close near to day's low. Some more downside moves can't be ruled out. 

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

We still stick to our last blog post view of resistance and support zone. (Previous blog post comment) 


With close within demand zone and next session being expiry session some more downside cant be ruled out. But close below 27000 is bit difficult in this week as of now. 

Option Chain Data Analysis 

Nifty

With small fall huge liquidation on PE is not good sign for Bears. (Previous blog post comment) 

More profit booking can be seen on PE front by mammoth liquidation. (We do not consider textbook language of Open Interest for option chain changes) 

Nifty Bank

Weekly Option Chain

Slowly slowly built-up is taking place which shall act as strong resistance for this weekly series. (Previous blog post comment) 

Good liquidation can be seen on PE front. We feel we must not speculate on option chain data for tomorrow session. 

Monthly Option Chain

We feel that one fall till 27200 cant be ruled out in this week. (Previous blog post comment) 

With moves till 27200 almost done we shall restudy this after tomorrow session. 

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.