Nifty & Nifty Bank View for 07/02/2019

MORE THAN 50% RETURN AGAIN OPTION SINGLE OPTION TRADE...!!!

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https://t.me/OPTIONSTRIKER/924
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https://t.me/OPTIONSTRIKER/972

SOMEHOW MOVES IN NIFTY & NIFTY BANK ARE NOT IN LINE TO OUR WEEKLY VIEW BUT AFTER TOMORROW'S EVENT WE SHALL REVIEW SAME AGAIN FOR LAST SESSION OF THIS WEEK.

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

Nifty Spot Closed with 128 points gain at 11062

Nifty Bank Closed with 131 points gain at 27402

Nifty View

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

Resistance zones ~  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 ~ 11045-11020-10980-10940-10895-10870-10840-10815-10785-10740-10715-10690-10650-10615-10585-10555-10525-10500-10460-10380-10350-10325-10325-10295-10270-10225-10180-10140-10110-10075-10045-10005-9955

CONCLUSION

Still supply zone is very strong and Bulls must manage close above this zone for more upside. (Previous blog post conclusion) 

Somehow we missed to analyse this formation on charts but now we feel that bulls may face resistance in 11100-11125 zone (upper trendline) 

Nifty Bank View

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

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

Support ~ 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

Bulls may find it difficult to cross 27340-27350, 27440-27450 & 27540-27540 for next 2 sessions on hourly charts.(Previous blog post conclusion) 

Still Bulls are not yet clear immediate swing high or supply zone. 

Option Chain Data Analysis

Nifty

Some downside till 10850-10860 is required for more upside move and close above 11k mark. (Previous blog post conclusion) 

Strange thing is in 4th session of February expiry Bulls manage to clear highest open interest tag of 11000 with good convincing candle. now going ahead 11200 CE must act as resistance. 

Nifty Bank


Weekly Option Chain

No major downside is expected below 27000 but still upside 27500 shall act as strong resistance. (Previous blog post conclusion) 

Next session being weekly expiry and event we feel no need to study this option chain. 

Monthly Option Chain

27500 PE is still having good open interest which shall restrict Bulls. (Previous blog post conclusion) 

No change in view. (Repeat comment) 

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.