SEEMS BEARS ARE STILL NOT IN MOOD TO GIVE UP...!!!
AT PRESENT MOVES IN NIFTY & NIFTY BANK ARE IN LINE TO OUR WEEKLY VIEW BUT WE MAY HAVE TO REVISE THIS.
AT PRESENT MOVES IN NIFTY & NIFTY BANK ARE IN LINE TO OUR WEEKLY VIEW BUT WE MAY HAVE TO REVISE THIS.
Nifty Spot Closed with 83 points Loss at 10641
Nifty Bank Closed with 140 points Loss at 26654
Nifty View
Now for next trading session important Resistance & Support Levels (Spot basis) are as under:-
Resistance zones ~ 10650-10690-10715-10740-10785-10815-10870-10840-10895-10940-10980-11020-11045-11070-11100-11125-11150-11170-11185-11210-11275-11235-11330-11360-11300-11385-11410-11425-11425-11435-11470-11495-11525-11550-11565-11585-11605-11620-11655-11690-11710-11725-11735-11750
Support ~ 10615-10585-10555-10525-10500-10460-10380-10350-10325-10325-10295-10270-10225-10180-10140-10110-10075-10045-10005-9955
CONCLUSION
Still lower end of this wedge formation is untouched which leads to doubt over reversal for upside but we feel that Bears shall have last chance tomorrow to do needful. (Previous daily blog post comment)
Though today's candle is within demand zone but somehow we feel that more pain on downside cant be ruled out.
Nifty Bank View
Now for next trading session important Resistance & Support Levels (Spot basis) are as under:-
Support ~ 10615-10585-10555-10525-10500-10460-10380-10350-10325-10325-10295-10270-10225-10180-10140-10110-10075-10045-10005-9955
Still lower end of this wedge formation is untouched which leads to doubt over reversal for upside but we feel that Bears shall have last chance tomorrow to do needful. (Previous daily blog post comment)
Though today's candle is within demand zone but somehow we feel that more pain on downside cant be ruled out.
Nifty Bank View
Now for next trading session important Resistance & Support Levels (Spot basis) are as under:-
Resistance Zone ~ 26695-26765-26805-26900-26970-27045-27145-27230-27335-27405-27470-27600-27640-27680-27720-27790-27825-27845-27890-27940-27970-28060-28130-28175-28210-28265-28320-28375-28320-28375
Support ~ 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 demand zone is far but we feel with yesterday and today low almost near we feel that Bulls may strike back very soon. (Previous daily blog post comment)
Still demand zone is far and untouched so we feel that more side cant be ruled out.
Nifty
Weekly Option Chain
Interesting additions can be seen in 10600, 10700 & 10800 PE which is offset by huge additions on 10800, 10900 & 11000 CE (Previous daily blog post comment)
Huge open interest can be seen at 10700 PE but looking at today's downside move; we feel that some panic in 10700 PE writer camp cant ruled out.
Monthly Option Chain
At last change which we were expecting from last 2-3 sessions took place today. 10700 PE gained highest OI tag...!!! (Previous daily blog post comment)
Nifty Bank
Weekly Option Chain
26700-26800 PE OI reflects limited downside but still next session being expiry session we feel that this data may not reflect true picture. (Previous blog post comment) (Expiry over)
Monthly Option Chain
Close below 2 top most highest OI on PE front is bit surprising. (Previous blog post comment)
OTM PE additions reflects some panic in writers camp.
Put Call Ratio
Weekly
Stands at 0.43 for Nifty whereas for Nifty Bank it is 0.72
Monthly Weekly
Stands at 1.00 for Nifty whereas for Nifty Bank it is 1.28
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