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Nifty Technical Outlook

NIFTY (CMP : 23437)

Nifty immediate support is at 23250 then 23050 zones while resistance at 23600 then 23750 zones. Now it has to hold above 23350 zones for an up move towards 23600 then 23750 levels while supports have shifted higher to 23250 and then 23050 level.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 53117)

Bank Nifty support is at 52750 then 52500 zones while resistance at 53500 then 54000 zones. Now it has to hold above 52750 zones for an up move towards 53500 then 54000 levels while on the downside support shift higher at 52750 then 52500 zones.

Stocks On Radar

GAIL Ltd 

GAIL Ltd  CMP: 184, Mcap 1,21,442 Cr.

* Falling trendline breakout on daily chart.

* More momentum above 187

* Higher than average traded volumes.

* RSI bullish crossover.

* Immediate support at 175.

INDIANB Ltd

INDIANB Ltd CMP: 568, Mcap 76,528 Cr.

* Ascending Triangle Breakout

* Strong bodied bullish candle.

* Surge in volumes visible.

* RSI indicator positively placed.

* Immediate support at 550

Derivative Outlook

* Nifty April future closed at 23433.50 with a premium of 3.70 point v/s 12.35 point premium in the last session.

* Nifty Put/Call Ratio (OI) increased from 0.93 to 0.98 level.

* India VIX decreased by 1.61% to 15.86 level.

FII Cash & Derivative Activity

* FIIs on Derivatives front : Short Covering in index futures, Position unwinding in index options

* In the cash market : FIIs were net buyers to the tune of 3936 Cr while DIIs were net sellers worth 2513 Cr.

* FIIs long short ratio : Increased to 28.31%

Nifty : Option Data

* Maximum Call OI is at 24000 then 23500 strike while Maximum Put OI is at 23000 then 23300 strike.

* Call writing is seen at 23450 then 23700 strike while Put writing is seen at 23400 then 23350 strike.

* Option data suggests a broader trading range in between 22900 to 23900 zones while an immediate range between 23200 to 23600 levels.

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