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Nifty Technical Outlook

NIFTY (CMP : 24574)

Nifty immediate support is at 24442 then 24350 zones while resistance at 24700 then 24800 zones. Now if it holds below 24600 zones, then weakness could be seen towards 24442 then 24350 zones while hurdles have shifted lower to 24700 and 24800 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 55411)

Bank Nifty support is at 55000 then 54750 zones while resistance at 55555 then 55750 zones. Now till it holds below 55555 zones some weakness could be seen towards 55000 then 54750 zones while on the upside hurdle is seen at 55555 then 55750 levels

Stocks On Radar

IndiGo Ltd 

(CMP: 5839, Mcap Rs.2,27,797 Cr.)

* Stock in overall uptrend.

* Respecting 50 DEMA.

* Strong bodied bullish candle.

 * RSI giving bullish crossover.

* Immediate support at 5700.

Tata Technologies Ltd 

(CMP: 671, Mcap Rs.27,120 Cr.)

* Range breakdown on daily chart.

* Large bodied bearish candle.

* RSI momentum indicator declining.

*  Immediate resistance at 688.

Derivative Outlook

* Nifty August future closed at 24,634.90 with a premium of 60.7 point v/s 58.25 point premium in the last session.

* Nifty Put/Call Ratio (OI) decreased from 0.83 to 0.74 level.

* India VIX increased by 2.11% to 11.96 level.

FII Cash & Derivative Activity

* FIIs on Derivatives front : Short covering in Index Futures, call selling and put buying in index options

* In the cash market : FIIs were net sellers to the tune of 4197 Cr while DIIs were net buyers worth 5954 Cr.

* FIIs long short ratio : Hovering near 8%

Nifty : Option Data

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

* Call writing is seen at 24600 then 24700 strike while Put writing is seen at 24550 then 24500 strike.

* Option data suggests a broader trading range in between 24100 to 25100 zones while an immediate range between 24300 to 24800 levels

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