Nifty & Nifty Bank View for 21/02/2019

BEARS RESPECTED DEMAND ZONE AND THAT ENDED UP WITH 100+ FOR NIFTY & 250+ FOR NIFTY BANK...!!!

AT PRESENT 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 131 points Gains at 10735

Nifty Bank Closed with 271 points Gain at 26955

Nifty View

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

Resistance zones ~  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 ~ 10715-10690-10650-10615-10585-10555-10525-10500-10460-10380-10350-10325-10325-10295-10270-10225-10180-10140-10110-10075-10045-10005-9955

CONCLUSION

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. (Previous daily blog post comment) 

Looking at charts structure it is very much clear that weekly bottom is made. 

Nifty Bank View

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

Resistance Zone ~ 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 ~ 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 demand zone is far and untouched so we feel that more downside move is must before weekly expiry. (Previous daily blog post comment) 

Looking at charts structure it is very much clear that weekly bottom is made though demand zone remained untouched. 

Option Chain Data Analysis

Nifty

Weekly Option Chain

PE writers were forced top have back up by taking OTM PE positions.(Previous daily blog post comment) 

Expiry shall be above 10700 except any drama. 

Monthly Option Chain

10700 CE additions reflects Bulls frustration. (Previous daily blog post comment) 

Trapped retail CE buyers got good opportunity to exit. 

Nifty Bank


Weekly Option Chain

26500 PE must act strong support below that 26200 may come very fast. (Previous daily blog post comment) 

Expiry shall be above 26800 except any drama. 

Monthly Option Chain

Bears are targeting 26000 in this expiry. (Previous daily blog post comment) 

Good built-up can be seen on both sides. 

Put Call Ratio 

Weekly 
Stands at 1.01 for Nifty whereas for Nifty Bank it is 1.19

Monthly Weekly 

Stands at 1.03 for Nifty whereas for Nifty Bank it is 1.24

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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.