Nifty & Nifty Bank View for 08/02/2019

AFTER TITAN & RELINFRA OPTION TRADE TODAY IT WAS TURN OF AUROPHARMA...!!!

CLICK ON LINK BELOW TO VERIFY 

ENTRY 
https://t.me/OPTIONSTRIKER/978
EXIT

https://t.me/OPTIONSTRIKER/1004

BTST AUROPHARMA 760 CE FROM 31 TO 41...!!!

SOMEHOW MOVES IN NIFTY & NIFTY BANK ARE NOT IN LINE TO OUR WEEKLY VIEW 

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

Nifty Spot Closed with 7 points gain at 11069

Nifty Bank Closed with 15 points loss at 27387

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

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

As expected in last blog post upper trendline acted as resistance and doji candle reflects some resistance at higher levels. 

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

Still Bulls are not yet clear immediate swing high or supply zone. (Previous blog post conclusion) 

As expected supply zone did its job. Next session it will be difficult for Bulls to clear 27500 on closing basis. 

Option Chain Data Analysis

Nifty

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. (Previous blog post conclusion) 

Still Bulls managed to giver close above highest open interest CE strike price. But yes some built-up is taking place on both side of option chain. 

Nifty Bank


Weekly Option Chain

Premature to say anything.

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.