BEARS WENT FOR SOME BREAK AND EVERYONE ON STREET WAS OVER EXCITED...!!!
LOGICAL REASON FOR EARLY MORNING BOUNCE WAS NOTHING ELSE BUT DIVERGENCE ON SMALLER TIMEFRAME WHICH WE HAD DISCUSSED WITH OUR WORKSHOP PARTICIPANTS AFTER MARKET OPENING TODAY. LETS TRY TO SEE THAT CHART
BUT AFTER THAT AGAIN DIVERGENCE WAS FORMED
AT PRESENT MOVES IN NIFTY & NIFTY BANK ARE IN LINE TO OUR WEEKLY VIEW BUT WE MAY HAVE TO REVISE THIS.
LOGICAL REASON FOR EARLY MORNING BOUNCE WAS NOTHING ELSE BUT DIVERGENCE ON SMALLER TIMEFRAME WHICH WE HAD DISCUSSED WITH OUR WORKSHOP PARTICIPANTS AFTER MARKET OPENING TODAY. LETS TRY TO SEE THAT CHART
BUT AFTER THAT AGAIN DIVERGENCE WAS FORMED
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 36 points Loss at 10604
Nifty Bank Closed with 31 points Gain at 26684
Nifty View
Now for next trading session important Resistance & Support Levels (Spot basis) are as under:-
Resistance zones ~ 10615-10650-10690-10715-10740-10785-10815-10870-10840-10895-10940-10980-11020-11045-11070-11100-11125-11150-11170-11185-11210-11275-11235-11330-11360-11300-11385-11410-11425-11425-11435-11470-11495-11525-11550-11565-11585-11605-11620-11655-11690-11710-11725-11735-11750
Support ~ 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)
Old Demand Zone may not work looking at Bear strength we feel next demand zone 10635-10535 may act as pause in this one sided down move. Below that 10350-10335 may act as strong support.
Nifty Bank View
Now for next trading session important Resistance & Support Levels (Spot basis) are as under:-
Support ~ 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)
Old Demand Zone may not work looking at Bear strength we feel next demand zone 10635-10535 may act as pause in this one sided down move. Below that 10350-10335 may act as strong support.
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 downside move is must before weekly expiry.
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. (Previous daily blog post comment)
PE writers were forced top have back up by taking OTM PE positions.
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)
10700 CE additions reflects Bulls frustration.
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)
26500 PE must act strong support below that 26200 may come very fast.
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. (Previous daily blog post comment)
Bears are targeting 26000 in this expiry.
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
--------------------------------------------------------------------------------------------------------------------------
YOUTUBE CHANNEL
FOR LIVE MARKET UPDATE & FREE OPTION CALLS JOIN:-
--------------------------------------------------------------------------------------------------------------------------
http://t.me/optionstriker
--------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
SOCIAL MEDIA TOUCH POINTS:-
IN CASE OF ANY QUERY/SUGGESTIONS READERS ARE REQUESTED TO CONTACT US NIFTY50STRIKER@GMAIL.COM OR 08866145155
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.
--------------------------------------------------------------------------------------------------------------------------
No comments:
Post a Comment
Note: only a member of this blog may post a comment.