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Nifty Technical Outlook

NIFTY (CMP : 24853)

Nifty immediate support is at 24750 then 24600 zones while resistance at 25100 then 25300 zones. Now it has to hold above 24750 zones for an up move towards 25100 then 25300 zones while supports are shifting higher at 24750 then 24600 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 55398)

Bank Nifty support is at 55000 then 54850 zones while resistance at 55750 then 56000 zones. Now it has to hold above 55250 zones for an up move towards 55750 then 56000 levels while on the downside support is seen at 55000 then 54850 zones.

Stocks On Radar

STARHEALTH

(CMP: 463, Mcap 27,217 Cr.)

• Bullish Flag & Pole Pattern.

• Higher than average traded volumes.

• ADX indicator rising.

• Immediate support at 446.

HINDCOPPER

(CMP: 238, Mcap 23,028 Cr.)

• Consolidation breakout on daily scale.

• Surge in volumes with strong bullish candle.

• MACD momentum indicator rising.

• Immediate support at 233.

Derivative Outlook

? Nifty May future closed at 24879.90 with a premium of 26.75 point v/s 42.50 point premium in the last session.

? Nifty Put/Call Ratio (OI) increased from 0.94 to 1.09 level.

? India VIX increased by 0.12% to 17.28 level.

FII Cash & Derivative Activity

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

• In the cash market : FIIs were net buyers to the tune of 1795 Cr and DIIs were also net buyers worth 300 Cr.

• FIIs long short ratio : Increased to 33%

Nifty : Option Data

• Maximum Call OI is at 26000 then 25000 strike while Maximum Put OI is at 24000 then 24500 strike.

• Call writing is seen at 24900 then 25300 strike while Put writing is seen at 24800 then 24900 strike.

• Option data suggests a broader trading range in between 24300 to 25300 zones while an immediate range between 24600 to 25000 levels.

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