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Nifty Technical Outlook

NIFTY (CMP : 24750)

Nifty immediate support is at 24600 then 24444 zones while resistance at 25000 then 25200 zones. Now it has to cross and hold above 24800 zones for an up move towards 25000 then 25200 levels else weakness could be seen towards 24600 and then 24444 level.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 55749)

Bank Nifty support is at 55555 then 55250 zones while resistance at 56098 then 56250 zones. Now it has to hold above 55555 zones for an up move towards 56098 marks then new life time high territory towards 56250 levels while on the downside support is seen at 55555 then 55250 zones.

Stocks On Radar

DLF

(CMP: 798, Mcap 1,97,493 Cr.)

• Bullish flag & pole pattern.

• High volumes on up moves.

• ADX line rising.

• Immediate support at 778.

MCX

(CMP: 6602, Mcap 33,669 Cr.)

• Pennant Pattern Breakout.

• Strong bodied bullish candle.

• Respecting 50 DEMA.

• RSI momentum indicator rising.

• Immediate support at 6480

Derivative Outlook

* Nifty June future closed at 24,871.20 with a premium of 120.50 point v/s 109.20 point premium in the last session.

* Nifty Put/Call Ratio (OI) decreased from 0.86 to 0.77 level.

* India VIX decreased by 2.09% to 16.08 level.

FII Cash & Derivative Activity

• FIIs on Derivatives front : Short built up in index futures, Call and Put buying in index options.

• In the cash market : FIIs were net sellers to the tune of 6449 Cr while DIIs were net buyers worth 9095 Cr.

• FIIs long short ratio : Hovering near 20%

Nifty : Option Data

• Maximum Call OI is at 24800 then 25000 strike while Maximum Put OI is at 24500 then 24700 strike.

• Call writing is seen at 24800 then 25500 strike while Put writing is seen at 24400 then 24000 strike.

• Option data suggests a broader trading range in between 24300 to 25300 zones while an immediate range between 24500 to 25000 levels.

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