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Nifty Technical Outlook

NIFTY (CMP : 24855)

Nifty immediate support is at 24600 then 24442 zones while resistance at 25000 then 25100 zones. Now it has to hold above 24750 zones, for an up move towards 25000 then 25100 zones while a hole below the same could see a decline towards 24600 and 24442 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 56150)

Bank Nifty support is at 55750 then 55500 zones while resistance at 56350 then 56500 zones. Now it has to hold above 56000 zones for a bounce towards 56350 then 56500 levels while a hold below the same could see decline towards 55750 then 55500 zones.

Stocks On Radar

Biocon Ltd

(CMP: 397, Mcap Rs. 53,118 Cr.)

* On the verge of major breakout above 406.

* Base shifting higher.

* Buying visible across Pharma space.

* Immediate support at 385.

NLC India Ltd

(CMP: 244, Mcap Rs.33,810 Cr.)

* On the verge of breakout above 248.

* Volumes picking up .

* RSI positively placed.

* Immediate support at 233.

Derivative Outlook

* Nifty July future closed at 24,869.30 with a premium of 14.25 point v/s 17.70 point premium in the last session.

* Nifty Put/Call Ratio (OI) increased from 0.80 to 0.87 level.

* India VIX decreased by 2.78% to 11.20 level.

FII Cash & Derivative Activity

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

* In the cash market : FIIs were net sellers to the tune of 942 Cr while DIIs were net buyers worth 1805 Cr.

* FIIs long short ratio : hovering near 14%

Nifty : Option Data

* Maximum Call OI is at 25000 then 24900 strike while Maximum Put OI is at 24800 then 24700 strike.

* Call writing is seen at 24900 then 25000 strike while Put writing is seen at 24850 then 24900 strike.

* Option data suggests a broader trading range in between 24400 to 25400 zones while an immediate range between 24600 to 25100 levels.

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