Nifty & Bank Nifty Chart Today 9th July 2019

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Hello guys, hope you are trading with proper discipline and patience. Hope you already hedge your positions as I shared in my last Nifty & bank nifty chart today post. From the last couple of weeks, the market was giving some indication that something is not good and this is was I shared in my last Nifty & bank nifty chart today post. Let us look at what is coming on Nifty chart today:

Nifty chart today: 11555.90

Nifty chart today
  • After a huge selling in last 2 trading sessions, today we saw some short covering which gave some halt to that downside movement.
  • In the last 2 trading sessions, Nifty lost almost 400 points from higher levels.
  • There are lots of uncertainties on global as well as the domestic front, that’s the Main reason we haven’t seen a value buying even after a stable government in the centre.
  • We saw some huge selling in midcaps & small caps shares even some large caps like HDFC too. PSU BANKS were the top loser in this downfall.
  • The gap which was open till now almost fill. Now, what next?
  • Now 11400 will act as to make or break level for Nifty. It very important level need to hold for some upside levels.
  • Today Nifty manage to took support around 50 days moving average. Now it’s interesting to see whether Nifty manage to recover from here or will start again its downside journey.
  • A breakdown from 11450-11400 we might see 11200 & 11000 levels.
  • Nowadays volatility is very high so better we should avoid any trading activity if we don’t have any proper risk management rules.

Open Interest analysis :

  • Based on Nifty option chain data, the highest open interest stands at 12000 CE & 11500 PE followed by 11700 CE & 11400 PE. PCR of all strikes is 0.43 which is a slightly oversold zone. PCR at 11500 stands at 2.27 which is acting as an immediate support zone, PCR at 11600 stands at 0.38 which is acting as an immediate resistance level. Equally, important indicator Option Pain is at 11600, indicating expiry at 11600. A shift in option pain will provide further levels. For more about Put Call Ratio (PCR) Visit here
  • We saw some huge open interest buildup around 11400 & 11500. And short covering at 11700 to 12000 levels, indicating that market participants are expecting this expiry around these levels. We have to track this data more Closely. Based on current data 11450 – 11400 is a good support level.

Bank Nifty chart today: 30569.15

Bank Nifty chart today
  • After a huge selling in PSU BANKS, we saw more than 1000 points loss in bank nifty in last 2 trading sessions.
  • 30250 – 30100 a strong support zone. Need to watch whether bank nifty took some support here or will continue its downward journey.
  • Today we saw some short covering which gave a halt to bank nifty.
  • There is a gap between 30150 – 29500 which need to be filled. So keep tracking this 30100 and 29500 levels. Only below 29600, we can say that the trend is changing now.
  • Medium to long term trend is still positive. Short term trend is looking week as RSI & MACD both are giving a negative sign.
  • Keep your positions with a proper hedge.

Open Interest analysis :

  • Based on Bank Nifty option chain data, the highest open interest stands at 31000 CE & 30500 PE followed by 32000 CE & 30800 PE. PCR of all strikes stands at 0.52 which is a neutral zone. PCR at 30400 stands at 5.99, which is acting an immediate support zone. PCR at 30700 stands at 0.24 which is acting as an immediate resistance zone. Option pain stands at 30700, giving us expiry level. Keep tracking this option pain levels. A shift in option pain will give us a new level for expiry.
  • Today we saw a huge open Interest buildup around 30600 CE, 307000 CE & 30800 CE. 30200 PE also added around 2.46 lakh open interest. This indicates that Bank Nifty is facing resistance on higher levels and not expecting much Upside movement in this weekly expiry.
  • Now it will be very interesting to watch whether Bank Nifty will follow these levels, or we’ll get new levels for weekly expiry in Bank Nifty.

BankNifty option Strategy for this week :

  • Normally I’m making Short strangle on the last two days of expiry but this week I suggest go with a calendar spread to limit your risk.
  • You can Short ATM Call & Put and Buy next week same strike Call & Put.

Final Words:

  • Right now sentiments are weak but our market has a lot of potentials to generate good alpha, That’s the reason I’m not expecting much downside levels and every fall is a good opportunity to grab good deals at discount prices. So keep fundamentally strong scripts in your portfolio and keep investing in every fall.

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DISCLAIMER: – we are not a SEBI research analyst. Views posted here only for educational purposes. There is no liability whatsoever for any loss arising from the use of this product or its contents. This product is not a recommendation to buy or sell, but rather a guideline to interpreting specified analysis methods.  This information should only be used by investors and traders who are aware of the risk inherent in securities trading.

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Sachin Sival is the founder and CEO of Replete Equities, an options trading company that specializes in delta hedging. A self-taught trader, Sachin has a passion for volatility trading and stock trading. Sachin loves to hone his skills by reading up on new strategies and techniques as well as taking part in industry events. In addition to being a successful entrepreneur, Sachin also takes pleasure in photography - as a hobby.

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