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Nifty Technical Outlook

NIFTY (CMP : 22828)

Nifty immediate support is at 22500 then 22300 zones while resistance at 23000 then 23200 zones. Now it has to hold above 22500 zones for a bounce towards 23000 then 23200 levels while supports are shifting higher at 22500 and then 22300 level.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 51002)

Bank Nifty support is at 50750 then 50500 zones while resistance at 51500 then 51750 zones. Now it has to hold above 50750 zones for a bounce towards 51500 then 51750 levels while on the downside support is seen at 50750 then 50500 zones.

Stocks On Radar

Jubilant FoodWorks Ltd

Jubilant FoodWorks Ltd CMP: 685, Mcap 45,219 Cr.

* Falling trendline breakout above 695.

* Higher lows formation on daily chart.

* MACD indicator suggesting strength.

* Immediate support at 669.

Multi Commodity Exchange of India Ltd

Multi Commodity Exchange of India Ltd CMP: 5441, Mcap 27,751 Cr.

* Trendline breakout on daily scale.

* Close above 50 DEMA.

* Higher than average volumes.

* MACD giving bullish crossover.

* Immediate support at 5120

Derivative Outlook

* Nifty April future closed at 22,917.65 with a premium of 89.10 point v/s 80.50 point premium in the last session.

* Nifty Put/Call Ratio (OI) increased from 0.93 to 0.96 level.

* India VIX decreased by 6.17% to 20.11 level.

FII Cash & Derivative Activity

* FIIs on Derivatives front : Long built up in index futures, call and put buying in index options

* In the cash market : FIIs were net sellers to the tune of 2519 Cr while DIIs were net buyers worth 3759 Cr.

• FIIs long short ratio : Increased to 25.36%

Nifty : Option Data

* Maximum Call OI is at 24500 then 24000 strike while Maximum Put OI is at 22500 then 22000 strike.

* Call writing is seen at 22800 then 23500 strike while Put writing is seen at 22800 then 22700 strike.

* Option data suggests a broader trading range in between 22200 to 23300 zones while an immediate range between 22500 to 23100 levels.

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