Nifty & Nifty Bank View for 31/01/2019

FOR NIFTY WE HAD GIVEN KEY LEVEL 10650 ON CLOSING BASIS FOR THIS WEEK IN OUR WEEKLY BLOG POST AND TILL NOW IT IS GETTING RESPECTED COMPLETELY...!!! 

INCASE IF YOU MISSED OUR THAT POST THEN PLEASE GO THROUGH OUR WEEKLY VIEW FOR NIFTY & NIFTY BANK

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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 0.40 point loss at 10652

Nifty Bank Closed with 252 points gain at 26826

Nifty View

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

Resistance zones ~  10690-10715-10740-10785-10815-10840-10870-10895-10940-10980-11020-11045-11070-11100-11125-11150-11170-11185-11210-11275-11235-11330-11360-11300-11385-11410-11425-11425-11435-11470-11495-11525-11550-11565-11585-11605-11620-11655-11690-11710-11725-11735-11750

Support ~ 10650-10615-10585-10555-10525-10500-10460-10380-10350-10325-10325-10295-10270-10225-10180-10140-10110-10075-10045-10005-9955

CONCLUSION

We can see that today's candle is doji candle and somehow still it is in demand zone so next 2 sessions are important for next BIG move. (Previous blog post comment) 

No need to review as Index closed flat. 

Nifty Bank View

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

Resistance Zone ~ 26900-26970-27045-27145-27230-27335-27405-27470-27600-27640-27680-27720-27790-27825-27845-27890-27940-27970-28060-28130-28175-28210-28265-28320-28375-28320-28375

Support ~ 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 discussed in weekly blog post rising wedge had given breakdown and target for same is almost achieved. Now we feel that 26400-26450 shall act as strong support for remaining sessions of this expiry. Further today's doji candle is in demand zone. (Previous blog post comment) 

27000 may act as psychological resistance for next session. 

Option Chain Data Analysis

Nifty

Expectation was 100-150 points and bears managed about 78 points (from previous close to today's low) Going forward we feel that today's low shall remain safe for remaining sessions of this expiry. (Previous blog post comment) 

Next session being expiry session we feel that option chain may not reflect true picture. 

Nifty Bank

Monthly Option Chain

Expectation was flashes below 26500 and today's low is 26441...!!! Going forward we feel that 26400 shall remain untouched in remaining sessions of this series. (Previous blog post comment) 

Next session being expiry session we feel that option chain may not reflect true picture. 

Put Call Ratio Stands at 0.84 for Nifty whereas for Nifty Bank it is 0.87

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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.