Bank Nifty support is at 56750 then 56500 zones while resistance at 57250 then 57500 zones - Motilal Oswal Wealth Mangement
Nifty Technical Outlook
NIFTY (CMP : 25453)
Nifty immediate support is at 25250 then 25100 zones while resistance at 25650 then 25750 zones. Now it has to cross and hold above 25500 zones to witness a bounce towards 25650 and 25750 zones while supports are slightly shifting lower at 25250 then 25100 zones.
Bank Nifty Technical Outlook
BANK NIFTY (CMP : 56999)
Bank Nifty support is at 56750 then 56500 zones while resistance at 57250 then 57500 zones. Now till it holds below 57250 zones further profit booking could be seen towards 56750 then 56500 levels while on the upside hurdle is seen at 57250 then 57500 zones.
Stocks On Radar
Tata Steel Ltd
(CMP: 165, Mcap Rs.2,07,077 Cr.)
* Falling supply trendline breakout.
* Strong bullish candle.
* Surge in traded volumes visible.
* MACD indicator giving bullish crossover.
* Immediate support at 159.
Mahanagar Gas Ltd
(CMP: 1509, Mcap Rs.14,911 Cr.)
* Range breakout above 1525.
* Respecting 20 DEMA.
* High volumes on up moves.
* MACD momentum indicator positively placed.
* Immediate support at 1454.
Derivative Outlook
* Nifty July future closed at 25546.10 with a premium of 92.70 point v/s 101.50 point premium in the last session.
* Nifty Put/Call Ratio (OI) decreased from 0.88 to 0.78 level.
* India VIX decreased by 0.66% to 12.44 level.
FII Cash & Derivative Activity
* FIIs on Derivatives front : Short built up in index futures, call selling and put unwinding in index options.
* In the cash market : FIIs were net sellers to the tune of 1543 Cr while DIIs were net buyers worth 2763 Cr.
* FIIs long short ratio : decreased to 33.40%
Nifty : Option Data
* Maximum Call OI is at 25500 then 25600 strike while Maximum Put OI is at 25400 then 25000 strike.
* Call writing is seen at 25500 then 25600 strike while Put writing is seen at 25450 then 25400 strike.
* Option data suggests a broader trading range in between 25000 to 26000 zones while an immediate range between 25200 to 25700 levels.
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