Nifty & Nifty Bank View for 12/02/2019

WHAT A WEEK TO START WITH...!!!

ON FRIDAY WE HAD SHARED OUR TRADING VIEW ON EICHER MOTOR & ASHOK LEYLAND ON OUR TELEGRAM CHANNEL AND TODAY BOTH MOVED AS PER OUR EXPECTATION...!!!

CLICK ON LINK BELOW TO VERIFY 

EICHER MOTOR
https://t.me/OPTIONSTRIKER/1026
ASHOK LEYLAND 

https://t.me/OPTIONSTRIKER/1021

MOVES IN NIFTY & NIFTY BANK ARE 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 55 points Loss at 10889

Nifty Bank Closed with 67 points loss at 27228

Nifty View

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

Resistance zones ~  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 ~ -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

Perfect Rising wedge formation can be seen. Downside move till 10700 levels can be expected as per this structure. 

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

Though with doji candles downside move can be seen. 27000 (+/50 points) level can be seen before this weekly expiry. 

Option Chain Data Analysis

Nifty

Weekly Option Chain

Being 1st day of newly launched weekly contract we can see that huge additions on both side of Option chain.  Now going forward we feel that 10800 (+/20 points) can be seen on or before this weekly expiry. 

Monthly Option Chain

Mammoth liquidation leads to some doubt over major downside in ext 2 sessions but still huge OI can be seen at 10400. BUT WE ARE NOT EXPECTING THIS LEVEL IN THIS SERIES EXCEPT ANY DRAMA. 

Nifty Bank


Weekly Option Chain

More downside is expected as per current structure.  

Monthly Option Chain

Again good additions in 27500 indicates more downside in this weekly expiry. 

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.