Bank Nifty support is at 57250 then 57000 zones while resistance at 58000 then 58500 zones - Motilal Oswal Wealth Mangement
Nifty Technical Outlook
NIFTY (CMP : 25637)
Nifty immediate support is at 25500 then 25350 zones while resistance at 25850 then 26000 zones. Now it has to hold above 25500, for an up move towards 25850 and 26000 zones while supports have shifted higher to 25500 then 25350 zones.
Bank Nifty Technical Outlook
BANK NIFTY (CMP : 57443)
Bank Nifty support is at 57250 then 57000 zones while resistance at 58000 then 58500 zones. Now it has to hold above 57250 zones for an up move towards new life high territory towards 58000 then 58500 levels while on the downside support is seen at 57250 then 57000 zones.
Stocks On Radar
M&M
(CMP: 3203 , Mcap ? 3,98,340 Cr.)
* Bullish “Pole & Flag” Pattern.
* Respecting 50 DEMA.
* Higher than average traded volumes.
* RSI momentum indicator rising.
* Immediate support at 3100.
SHRIRAMFIN
(CMP: 700, Mcap ? 1,31,627 Cr.)
* Symmetrical Triangle Breakout.
* Respecting its 50 DEMA.
* Rising volumes visible.
* MACD indicator giving bullish crossover.
* Immediate support at 682.
Derivative Outlook
* Nifty July future closed at 25750.20 with a premium of 112.4 point v/s 66 point premium in the last session.
* Nifty Put/Call Ratio (OI) decreased from 1.28 to 1.25 level.
* India VIX decreased by 1.61% to 12.39 level.
FII Cash & Derivative Activity
* FIIs on Derivatives front : Long built up in index futures, call and put selling in index options.
* In the cash market : FIIs were net buyers to the tune of 1504 Cr while DIIs were net sellers worth 765 Cr.
* FIIs long short ratio : Increased to 38.44%
Nifty : Option Data
* Maximum Call OI is at 25600 then 26000 strike while Maximum Put OI is at 25500 then 25000 strike.
* Call writing is seen at 25900 then 26000 strike while Put writing is seen at 25600 then 25500 strike.
* Option data suggests a broader trading range in between 25000 to 26000 zones while an immediate range between 25400 to 25800 levels.
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