Nifty Weekly Analysis

Nifty Analysis

Time and again the 9700-9709 zone proves to be a very solid supply zone for the Nifty. Multiple attempts have been unsuccessful in breaching past the Double Top pattern formed on daily charts .The Double Top Reversal is a bearish reversal pattern . Bollinger Bands confirms trend is side ways and it is between 9492 - 9713.

All attention will now turn to the upcoming results season which begins next week. IT bellwethers like TCS and Infosys and banking heavyweight IndusInd Bank will kick-start the earnings season followed by others like KTK Bank, RIIL, South Indian Bank and Gruh Finance. In addition, coming week promises to be full of action as it is one of the most data heavy weeks of the month. 

Support and Resistance : 


Support :  9602/ 9526 / 9361.
Resistance : 9678/ 9713/ 9800

Nifty Options Max OI  :


Support : 9500 [MAX CALL OI Contracts 9700 CE - 40 Lakhs OI Contracts]
Resistance : 9700 [MAX PUT OI Contracts  9400 PE - 63 Lakhs OI Contracts]

Nifty Fundamental Indicators indicate 'Over Valued'. Nifty Sentimental Indicators indicating Bullish signals

Fundamental Indicators:

PE RATIO  : 24.6  
PB RATIO  : 3.58
DIV YIELD : 1.10

Sentimental Indicators:

INDIA VIX = 10.86
TRIN : 0.35
NIFTY OI PCR : 1.27

Strong Support at 9500 and Resistance at 9700 . If  Nifty closes above 9700 next resistance level of 9800 . If Nifty closes below 9500 next support level is 9361 .  

Trend is Side ways and volatility is high . 
Strategy : Sell at Resistance and Buy at Support 

To know details of indicators click on url - https://goo.gl/wjhLhV 

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