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Nifty Technical Outlook

NIFTY (CMP : 23332)

Nifty immediate support is at 23000 then 22800 zones while resistance at 23400 then 23550 zones. Now if it holds below 23333 zones, weakness could be seen towards 23000 and 22800 zones whereas hurdles are placed at 23400 then 23550 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 51348) Bank Nifty support is at 51000 then 50750 zones while resistance at 51750 then 52000 zones. Now it has to hold above 51000 zones for a bounce towards 51750 then 52000 zones while on the downside support is seen at 51000 then 50750 levels.

BPCL Ltd

(CMP: 286, Mcap 1,24,428 Cr.)

* On verge of triangle breakdown.

* Large bodied bearish candle.

* Rise in selling volumes.

* RSI given bearish crossover.

* Immediate resistance at 277

M&MFIN Apr 25th FUT

(CMP: 268, Mcap 33,194 Cr.)

* On verge of triangle breakdown.

* Large bodied bearish candle.

* Rise in selling volumes.

* RSI given bearish crossover. 

* Immediate resistance at 277

Derivative Outlook

* Nifty April future closed at 23,438.95 with a premium of 106.60 point v/s 155.70 point premium in the last session.

* Nifty Put/Call Ratio (OI) increased from 0.76 to 0.96 level.

* India VIX decreased by 0.44% to 13.72 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 sellers to the tune of 1539 Cr while DIIs were net buyers worth 2809 Cr.

* FIIs long short ratio : Increased to 32.37%

Nifty : Option Data

* Maximum Call OI is at 23500 then 23300 strike while Maximum Put OI is at 23200 then 23000 strike.

* Call writing is seen at 23300 then 23350 strike while Put writing is seen at 23200 then 23300 strike.

* Option data suggests a broader trading range in between 22800 to 23800 zones while an immediate range between 23100 to 23500 levels.

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