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Nifty Technical Outlook

NIFTY (CMP : 24008)

Nifty immediate support is at 23850 then 23600 zones while resistance at 24555 then 24750 zones. Now if it manages to hold above 24250 than it can head towards 24555 then 24750 zones while short term structure may turn weak only below 23850 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 53595)

Bank Nifty support is at 53500 then 53250 zones while resistance at 55000 then 55555 zones. Now if it manages to hold above 54000 zones then recovery could be seen towards 55000 and 55555 zones while major support exists at 53500 and 53250 levels.

Stocks On Radar

Larsen & Toubro Ltd

CMP: 3443, Mcap 4,73,602 Cr.

* Falling supply trendline breakout

* Strong bullish candle.

* Higher than average traded volumes.

* MACD indicator rising.

* Immediate support at 3350.

Solar Industries India Ltd

CMP: 13487, Mcap 1,22,044 Cr.

* Bullish pennant pattern formation.

* More momentum above 13665

* Respecting 20 DEMA.

* Rising volumes.

* ADX showing strength.

* Immediate support at 12885

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Derivative Outlook

* Nifty May future closed at 24,065.5 with a premium of 57.50 point v/s 1.90 point discount in the last session.

* Nifty Put/Call Ratio (OI) decreased from 1.08 to 0.94 level.

* India VIX increased by 2.98% to 21.63 level.

FII Cash & Derivative Activity

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

* In the cash market : FIIs were net sellers to the tune of 3798 Cr while DIIs were net buyers worth 7278 Cr.

* FIIs long short ratio : Decreased to 47.71%

Nifty : Option Data

* Maximum Call OI is at 25000 then 24500 strike while Maximum Put OI is at 24000 then 23000 strike.

* Call writing is seen at 24000 then 24100 strike while Put writing is seen at 24000 then 23900 strike.

* Option data suggests a broader trading range in between 23700 to 24700 zones while an immediate range between 23800 to 24400 levels.

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