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Nifty Technical Outlook

NIFTY (CMP : 24246)

Nifty immediate support is at 24100 then 24000 zones while resistance at 24400 then 24600 zones. Now it has to hold above 24100 zones for an up move towards 24400 then 24600 levels while supports have shifted higher to 24100 and then 24000 level

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 55201)

Bank Nifty support is at 55000 then 54750 zones while resistance at 55750 then 56000 zones. Now it has to hold above 55000 zones for an up move towards 55750 then 56000 levels while on the downside support shift higher at 55000 then 54750 zones.

Stocks On Radar

Sun Pharmaceutical Industries Ltd

Sun Pharmaceutical Industries Ltd  CMP: 1803, Mcap 4,32,816 Cr.

* Falling supply trendline breakout.

* Rising volumes visible.

* RSI positively placed.

* Immediate support at 1735.

Inox Wind Ltd

Inox Wind Ltd CMP: 180, Mcap 23,507 Cr.

* Symmetrical triangle breakout on daily chart.

* Higher than average traded volumes.

* RSI momentum indicator rising.

* Immediate support at 170.

Derivative Outlook

* Nifty May future closed at 24,372 with a premium of 126.30 point v/s 16.25 point discount in the last session.

* Nifty Put/Call Ratio (OI) decreased from 1.10 to 1.03 level.

* India VIX increased by 1.82% to 16.25 level.

FII Cash & Derivative Activity

* FIIs on Derivatives front : Short covering in index futures, Position unwinding in index options

* In the cash market : FIIs were net buyers to the tune of 8250 Cr while DIIs were net sellers worth 534 Cr.

* FIIs long short ratio : Increased to 40.86%

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 24800 then 25000 strike while Put writing is seen at 23500 then 24000 strike.

* Option data suggests a broader trading range in between 23500 to 25000 zones while an immediate range between 23800 to 24700 levels

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