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Nifty Technical Outlook

NIFTY (CMP : 24813)

Nifty immediate support is at 24700 then 24550 zones while resistance at 25000 then 25100 zones. Now it has to hold above 24700 zones for an up move towards 25000 then 25100 zones while supports have placed at 24700 then 24550 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 55075)

Bank Nifty support is at 54750 then 54500 zones while resistance at 55250 then 55555 zones. Now it has to hold above 55000 zones for an up move towards 55250 then 55555 zones while a hold below the same could see a profit booking decline towards 54750 then 54500 levels.

Stocks On Radar

CONCOR

(CMP: 731, Mcap 44,573 Cr.)

* Retesting breakout zones on daily scale.

* Higher traded volumes on price up moves.

* RSI momentum indicator rising.

* Immediate support at 700.

TATACONSUM

(CMP: 1138, Mcap 81,525 Cr.)

* Falling supply trendline breakout on daily scale.

* “Higher lows – Higher highs” formation.

* RSI indicator positively placed.

* Immediate support at 1090

Derivative Outlook

* Nifty May future closed at 24832.20 with a premium of 18.75 point v/s 90.70 point premium in the last session.

* Nifty Put/Call Ratio (OI) increased from 0.69 to 0.81 level.

* India VIX increased by 0.93% to 17.55 level.

FII Cash & Derivative Activity

* FIIs on Derivatives front : Position unwinding in index futures, call unwinding and put buying in index options

* In the cash market : FIIs were net buyers to the tune of 2202 Cr and DIIs were also net buyers worth 684 Cr.

* FIIs long short ratio : Hovering near 37%

Nifty : Option Data

* Maximum Call OI is at 26000 then 25000 strike while Maximum Put OI is at 24000 then 24800 strike.

* Call writing is seen at 24800 then 24850 strike while Put writing is seen at 24800 then 24400 strike.

* Option data suggests a broader trading range in between 24200 to 25200 zones while an immediate range between 24500 to 25000 levels.

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