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Nifty Technical Outlook

NIFTY (CMP : 24273)

Nifty immediate support is at 24150 then 24050 zones while resistance at 24500 then 24650 zones. Now till it holds below 24450 zones weakness could be seen towards 24150 then 24050 zones while hurdles can be seen at 24500 then 24650 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 54365)

Bank Nifty support is at 54000 then 53750 zones while resistance at 55000 then 55250 zones. Now it has to hold above 54250 zones for a bounce towards 55000 then 55250 levels while on the downside support is seen at 54000 then 53750 zones.

Stocks On Radar

ITC Ltd 

CMP: 430, Mcap 5,38,858 Cr.

* Bullish hammer candlestick.

* Holding at 50 DEMA support zones.

* Higher than average traded volumes.

* RSI indicator positively placed.

* Immediate support at 415.

Eicher Motors Ltd 

CMP: 5376, Mcap 1,47,295 Cr.

* Breach below 20 DEMA.

* Lower lows – lower highs formation.

* Rising selling volumes.

* RSI indicator declining.

* Immediate resistance at 5500.

Derivative Outlook

* Nifty May future closed at 24,271.90 with a discount of 1.90 point v/s 47.00 point premium in the last session.

* Nifty Put/Call Ratio (OI) increased from 0.97 to 1.08 level.

* India VIX increased by 10.22% to 21.01 level.

FII Cash & Derivative Activity

* FIIs on Derivatives front : Long built up in index futures, position unwinding in index options

* In the cash market : FIIs were net buyers to the tune of 2008 Cr while DIIs were net sellers worth 596 Cr.

* FIIs long short ratio : Increased to 52.17%

Nifty : Option Data

* Maximum Call OI is at 25000 then 24400 strike while Maximum Put OI is at 24000 then 23500 strike.

* Call writing is seen at 25000 then 24400 strike while Put writing is seen at 24000 then 24300 strike.

* Option data suggests a broader trading range in between 23500 to 25000 zones while an immediate range between 23800 to 24600 levels.

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