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Nifty Technical Outlook

NIFTY (CMP : 24346)

Nifty immediate support is at 24200 then 24050 zones while resistance at 24500 then 24650 zones. Now it has to hold above 24200 zones for an up move towards 24500 then 24650 zones while supports have shifted higher towards 24200 then 24050 zones

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 55115)

Bank Nifty support is at 54750 then 54500 zones while resistance at 55500 then 55750 zones. Now it has to hold above 55000 zones for an up move towards 55500 then 55750 zones while on the downside supports are seen at 54750 then 54500 levels.

Stocks On Radar

BAJFINANCE

BAJFINANCE CMP: 8862, Mcap 5,50,741 Cr.

* Bullish engulfing at 50 DEMA support zones.

* Higher than average traded volumes.

* Stochastic giving positive crossover.

* Immediate support at 8535.

GODREJPROP

GODREJPROP CMP: 2249, Mcap 67,746 Cr.

* Surpassed above 50 DEMA.

* Bounce up from support levels.

* Rising volumes visible.

* RSI indicator positively placed.

* Immediate support at 2150.

Derivative Outlook

* Nifty May future closed at 24,400.70 with a premium of 53.30 point v/s 89.35 point premium in the last session.

* Nifty Put/Call Ratio (OI) decreased from 1.16 to 0.91 level.

* India VIX increased by 0.19% to 18.26 level.

FII Cash & Derivative Activity

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

* In the cash market : FIIs were net buyers to the tune of 2770 Cr and DIIs were also net buyers worth 3291 Cr.

* FIIs long short ratio : Increased to 47.37%

Nifty : Option Data

* Maximum Call OI is at 25000 then 24500 strike while Maximum Put OI is at 24000 then 23500 strike.

* Call writing is seen at 24500 then 24600 strike while Put writing is seen at 24000 then 24300 strike.

* Option data suggests a broader trading range in between 23800 to 24800 zones while an immediate range between 24100 to 24500 levels.

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