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Nifty Technical Outlook

NIFTY (CMP : 24167)

Nifty immediate support is at 24000 then 23850 zones while resistance at 24350 then 24500 zones. Now it has to hold above 24050 zones for an up move towards 24350 then 24500 levels while supports have shifted higher to 24000 and then 23850 level.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 55647)

Bank Nifty support is at 55250 then 55000 zones while resistance at 56000 then 56250 zones. Now it has to hold above 55250 zones for an up move towards 56000 then 56250 levels while on the downside support shift higher at 55250 then 55000 zones

Stocks On Radar

Hindustan Unilever Ltd

Hindustan Unilever Ltd  CMP: 2398, Mcap 5,63,596 Cr.

* Bullish Pole & flag Pattern on the daily chart.

* Higher than average traded volumes visible.

* MACD momentum indicator rising

* Immediate support at 2340.

UltraTech Cement Ltd

UltraTech Cement Ltd CMP: 11959, Mcap 3,52,405 Cr.

* Consolidation Breakout above 12140.

* Inside Bar Pattern visible.

* Higher lows – higher highs formation.

* MACD indicator positively placed.

* Immediate support at 11600.

Derivative Outlook

* Nifty April future closed at 24169 with a premium of 1.75 point v/s 9.95 point premium in the last session.

* Nifty Put/Call Ratio (OI) decreased from 1.15 to 1.10 level.

*  India VIX decreased by 1.84% to 15.23 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 1290 Cr while DIIs were net sellers worth 885 Cr.

* FIIs long short ratio : Increased to 31.60%

Nifty : Option Data

* Maximum Call OI is at 24200 then 24500 strike while Maximum Put OI is at 24000 then 24100 strike.

* Call writing is seen at 24200 then 24400 strike while Put writing is seen at 24000 then 24100 strike.

* Option data suggests a broader trading range in between 23500 to 24500 zones while an immediate range between 23800 to 24300 levels

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