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Nifty Technical Outlook

NIFTY (CMP : 24666)

Nifty immediate support is at 24550 then 24444 zones while resistance at 25000 then 25200 zones. Now it has to hold above 24750 zones for an up move towards 25000 then 25200 levels while supports have shifted higher to 24550 and then 24444 level.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 54801)

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 levels while on the downside support shift higher at 54750 then 54500 zones.

Stocks On Radar

HAL (CMP: 4768, Mcap 3,18,872 Cr.)

* Retested breakout zones and headed up

* Respecting 20 DEMA support zones.

* Surge in volumes visible.

* RSI indicator positively placed.

* Immediate support at 4635.

ETERNAL

(CMP: 236, Mcap 2,28,578 Cr.)

* On verge of breakout above 242.

* Respecting 20 DEMA support zones.

* RSI momentum indicator rising.

* Immediate support at 222.

Derivative Outlook

* Nifty May future closed at 24,715.90 with a premium of 49.00 point v/s 61.85 point premium in the last session.

* Nifty Put/Call Ratio (OI) increased from 0.85 to 0.89 level.

* India VIX decreased by 5.62% to 17.18 level

FII Cash & Derivative Activity

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

* In the cash market : FIIs were net buyers to the tune of 932 Cr while DIIs were net buyers worth 316 Cr.

* FIIs long short ratio : Increased to 38.27%

Nifty : Option Data

* Maximum Call OI is at 25000 then 24700 strike while Maximum Put OI is at 24500 then 24600 strike.

* Call writing is seen at 24700 then 25000 strike while Put writing is seen at 24500 then 24600 strike.

* Option data suggests a broader trading range in between 24200 to 25200 zones while an immediate range between 24400 to 24900 levels

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