Nifty & Nifty Bank View for 05/02/2019

FOR BUDGET DAY SESSION WE HAD SAID THAT GIVEN CHART SUPPLY ZONE AND DEMAND SHALL ACT AS KEY ZONES. BELOW IS OLD CHART OUR THAT BLOG POST. 

NOW BELOW IS UPDATED NIFTY CHART

We can see that Bulls managed to lift up momentum but some how Bears able to strike back...!!!

INCASE IF YOU HAVE MISSED OUR WEEKLY VIEW BLOG POST PLEASE CLICK HERE TO READ THAT BLOG POST.

Anyway lets move further and Analyse what could be road ahead for Nifty & Nifty Bank for next session.

Nifty Spot Closed with 19 points gains at 10912

Nifty Bank Closed with 101 points gains at 27187

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

We feel that Bears have good chance to strike back in next 2-3 sessions for 10700 levels. 

Nifty Bank View

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

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

Support ~ 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

Still we feel Bulls are over confident which shall give chance to Bears to strike back. 

Option Chain Data Analysis

Nifty

Positions built-up is taking pace but looking at structure we feel that 10700 levels may come first below 11200

Nifty Bank


Weekly Option Chain


27500 CE shall act as resistance but on downside we feel that 27000 must as support for 1 session atleast. 

Monthly Option Chain

27500 PE is still having good open interest which shall restrict Bulls. 

Put Call Ratio Stands at 1.41 for Nifty whereas for Nifty Bank it is 1.55

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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.