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Nifty Technical Outlook

NIFTY (CMP : 23350)

Nifty immediate support is at 23200 then 23000 zones while resistance at 23500 then 23700 zones. Now it has to hold above 23200 zones for an up move towards 23500 then 23700 zones while supports are shifting higher at 23200 then 23000 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 50593)

Bank Nifty support is at 50250 then 50000 zones while resistance at 51000 then 51250 zones. Now it has to hold above 50250 zones for an up move towards 51000 then 51250 levels while on the downside support is seen at 50250 then 50000 zones.

Technical Trading Idea

Godrej Consumer Products Ltd

Godrej Consumer Products Ltd CMP: 1112, Mcap 1,13,753 Cr.

* Falling trendline breakout on daily chart.

* Close above 50 DEMA.

* Rising volumes visible.

* MACD momentum indicator showing strength

* We recommend to buy the stock at CMP Rs.1112 with a SL of Rs.1070 and a TGT of Rs.1184.

Stocks On Radar

Hindustan Petroleum Corporation Ltd

Hindustan Petroleum Corporation Ltd CMP: 357, Mcap 75,953 Cr

* Inverted head and shoulder breakout

* Close above 100 DEMA

* Surge in volumes visible

* RSI Indicator showing strength

* Immediate support at 344

UPL Ltd

UPL Ltd CMP: 658, Mcap 49,454 Cr.

* Flag and pole breakout on daily chart

* Respecting 50 DEMA

* Rising volumes visible

* RSI giving bullish crossover

* Immediate support at 645

Derivative Outlook

* Nifty March future closed at 23,379.85 with a premium of 29.45 point v/s 9.60 point premium in the last session.

* Nifty Put/Call Ratio (OI) decreased from 1.16 to 1.15 level.

* India VIX decreased by 0.22% to 12.58 level.

FII Cash & Derivative Activity

* FIIs on Derivatives front : Short covering in index futures, position unwinding in index options

* In the cash market : FIIs were net buyers to the tune of 7470 Cr while DIIs were net sellers worth 3202 Cr.

* FIIs long short ratio : Increased to 31.79%

Nifty : Option Data

* Maximum Call OI is at 24000 then 24100 strike while Maximum Put OI is at 23000 then 23200 strike.

* Call writing is seen at 23600 then 23700 strike while Put writing is seen at 23300 then 23200 strike.

* Option data suggests a broader trading range in between 22900 to 23800 zones while an immediate range between 23200 to 23600 levels.

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