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Nifty Technical Outlook

NIFTY (CMP : 24718)

Nifty immediate support is at 24600 then 24442 zones while resistance at 25000 then 25100 zones. Now till it holds below 25000 zones, upside could be capped for a profit booking decline towards 24600 then 24442 zones while hurdles can be seen at 25000 then 25100 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 55527)

Bank Nifty support is at 55250 then 55000 zones while resistance at 55750 then 56000 zones. Now till it holds below 55750 zones some weakness could be seen towards 55250 then 55000 levels while on the upside hurdle is seen at 55750 then 56000 levels.

Stocks On Radar

Oil and Natural Gas Corporation Ltd 

(CMP: 251, Mcap Rs.3,16,407 Cr.)

* Falling supply trendline breakout on daily scale.

* Surge in volumes visible.

* MACD indicator giving bullish crossover.

* Immediate support at 240.

Apollo Hospitals Enterprise Ltd 

(CMP: 6995, Mcap Rs.1,00,570 Cr.)

* Breakout above 7055

* Respecting 50 DEMA support zones.

* MACD momentum indicator positively placed.

* Immediate support at 6865.

Derivative Outlook

* Nifty June future closed at 24,727.40 with a premium of 8.80 point v/s 49.20 point premium in the last session.

* Nifty Put/Call Ratio (OI) decreased from 0.92 to 0.89 level.

* India VIX increased by 7.60% to 15.08 level.

Nifty : Option Data

* Maximum Call OI is at 25000 then 25500 strike while Maximum Put OI is at 24500 then 24700 strike.

* Call writing is seen at 24700 then 25000 strike while Put writing is seen at 24500 then 24600 strike.

* Option data suggests a broader trading range in between 24200 to 25200 zones while an immediate range between 24500 to 24900 levels.

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