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Nifty Technical Outlook

NIFTY (CMP : 23658)

Nifty immediate support is at 23500 then 23333 zones while resistance at 23800 then 24000 zones. Now it has to hold above 23500 zones for an up move towards 23800 then 24000 zones while supports are shifting higher at 23500 then 23333 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 51704)

Bank Nifty support is at 51500 then 51250 zones while resistance at 52000 then 52250 zones. Now it has to hold above 51500 zones for an up move towards 52000 then 52250 levels while on the downside support is seen at 51500 then 51250 zones.

Stocks On Radar

Chambal Fertilisers and Chemicals Ltd

Chambal Fertilisers and Chemicals Ltd CMP: 619, Mcap 24,820 Cr.

* Rising channel breakout on daily scale

* Trading at ATH levels

* Noticeable volumes on daily chart

* RSI Indicator showing strength

* Immediate support at 580

Hindustan Copper Ltd

Hindustan Copper Ltd CMP: 237, Mcap 22,966 Cr.

* Inverted head and shoulder breakout on daily chart.

* Close above 50 DEMA

* Surge in volumes visible

* RSI momentum indicator headed up

* Immediate support at 230

Derivative Outlook

* Nifty March future closed at 23,699.35 with a premium of 41 point v/s 29.45 point premium in the last session.

* Nifty Put/Call Ratio (OI) increased from 1.15 to 1.22 level.

* India VIX increased by 8.95% to 13.70 level.

FII Cash & Derivative Activity

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

*  In the cash market : FIIs were net buyers to the tune of 3056 Cr and DIIs were also net buyers worth 98 Cr.

* FIIs long short ratio : Increased to 32.13%

Nifty : Option Data

* Maximum Call OI is at 24000 then 24500 strike while Maximum Put OI is at 23000 then 23500 strike.

* Call writing is seen at 24200 then 24400 strike while Put writing is seen at 23500 then 23600 strike.

* Option data suggests a broader trading range in between 23000 to 24000 zones while an immediate range between 23400 to 23800 levels.

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