Nifty & Bank Nifty Prediction for Tomorrow 15-09-2020

  Nifty-50

Today Nifty traded in the range from 11570 to 11370 with both side movement. Yesterday i have recommended short in the range of 11550-11600 and exactly from that level it has reversed towards 11400-11380. Still market is struggling between support and resistance and looking for clear cut direction. And therefore tomorrow also we may see range bound session if Nifty sustain between 11350-11550. 

Daily Chart of Nifty-50:-


As per Daily chart there is strong resistance between 11550-11600 range and support at 11400-11350. In the chart above there is box and if nifty start trading below 11350 then we may see downside rally towards 11200-11100. And if remain above 11400 then again it may try to test the level of 11550-11600.

Option Chain Analysis of Nifty for Expiry of 17-09-2020:-




According to Option chain analysis of Nifty There is massive Call writing at 11500-11600 strike price and hence difficult to sustain above that. On down side strong support at 11200-11300 zone. For coming session 11400 would be make or break level for index. If Nifty sustain above 11400 then we may see upside movement towards 11500-11500 and below 11400 we may see 11350-1300 level.

India VIX:-


Today After sudden fall in Nifty Volatility Index moved high by 2% which is not positive sign for market in coming session. And if VIX remain above 20 we may see such both side movement during intra day session. Put Call ratio at 1.37 which is at comfortable level. 

How To Trade in Nifty for Tomorrow:-

One Can short Nifty between 11450-11500 in case of Pullback with Stop Loss at 11550 for Target of 11400-11350-11300.

Fresh Short can be Initiated below 11350 with Stop Loss at 11400 for Target of 11270-11250-11200.

Fresh Buy only Above 11600.


Bank Nifty:-

Bank Nifty continue with its downtrend and took support today around 22000 which is very important support for index. In Bank Nifty also i have recommended to short between 22600-22700 and exactly from that range it reversed to 22000. Hahahah...!!!. Bank Nifty may continue its downtrend journey in coming session also if fail to sustain above 22500-22700.

Daily Chart of Bank Nifty:-



Bank Nifty is struggling between 23000-22000 as bigger range. And therefore it has reversal zone of 22500-22700 on upper side and 22000-22200 on lower side. Important levels are mentioned on chart.
For coming session if Bank Nifty start trading below 22000 then we may see strong downside rally towards 21500-21000 and fresh upward rally only above 22700-23000.


Option Chain Analysis of Bank Nifty for Expiry of 17-09-2020:-


As per Bank Nifty Option chain there is strong resistance at 23000-23500 with highest call writing. And strong support at 22000-22200 with highest put writing. Currently market is closed below 22500 and put writers of 22500 are now trapped with 6 Lac open interest. And therefore in coming session 22500 will act as strong resistance for index.


How To Trade in Bank Nifty for Tomorrow:-

One can short Bank Nifty Between  22500-22700 in case of pullback with Stop Loss at 22800 for Target of 22500-22300-22000.

And fresh short can be Initiated below 22000 with Stop Loss at 22200 for Target of 21500-21200.

No Buy Trade for Tomorrow.   


Thank You..

Happy Trading.
"Learn & Earn"...!!



(Disclaimers:- Above is my personal view on market for tomorrow. It is neither Paid service nor tip. Just for educational purpose only. Take your own decision before any trade).




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