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Nifty Technical Outlook

NIFTY (CMP : 24363)

Nifty immediate support is at 24200 then 24000 zones while resistance at 24500 then 24650 zones. Now till it holds below 24442 zones then weakness could be seen towards 24200 then 24000 zones while hurdles have shifted lower to 24500 and 24650 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 55004)

Bank Nifty support is at 54750 then 54500 zones while resistance at 55250 then 55555 zones. Now till it holds below 55250 zones, weakness could be seen towards 54750 then 54500 levels while on the upside hurdle is seen at 55250 then 55555 zones.

Stocks On Radar

Divi's Laboratories Ltd

(CMP: 5932, Mcap Rs.1,57,011 Cr.)

* Breach below 200 DEMA.

* Large bodied bearish candle.

* Higher than average selling volumes.

* MACD momentum indicator declining.

* Immediate resistance at 6150.

Lodha Group 

(CMP: 1200, Mcap Rs.1,20,039 Cr.)

* Inverted “Pole & Flag” breakdown below 1196.

* Strong bearish candle..

* ADX line suggesting bearish trend.

* Immediate resistance at 1260.

Derivative Outlook

* Nifty August future closed at 24441.10 with a premium of 77.80 point v/s 77.25 point premium in the last session.

* Nifty Put/Call Ratio (OI) decreased from 1.06 to 0.66 level.

* India VIX increased by 3.68% to 12.12 level

FII Cash & Derivative Activity

* FIIs on Derivatives front : Short built up in Index Futures, call selling and put buying in index options

* In the cash market : FIIs were net Buyers to the tune of 1851 Cr and DIIs were also net buyers worth 7437 Cr.

* FIIs long short ratio : Hovering near 8%

Nifty : Option Data

* Maximum Call OI is at 25000 then 24500 strike while Maximum Put OI is at 24500 then 24000 strike.

* Call writing is seen at 24500 then 24600 strike while Put writing is seen at 24300 then 24000 strike.

* Option data suggests a broader trading range in between 23900 to 24800 zones while an immediate range between 24100 to 24500 levels.

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