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Nifty Technical Outlook

NIFTY (CMP : 23486)

Nifty immediate support is at 23350 then 23200 zones while resistance at 23750 then 23900 zones. Now if it manages to cross and hold above 23500 zones then some bounce could be seen towards 23750 then 23900 zones or else could see downside move towards 23350 then 23200 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 51140) Bank Nifty support is at 51000 then 50750 zones while resistance at 51500 then 52000 zones. Now it has to hold above 51000 zones for an up move towards 51500 then 52000 levels while on the downside support is seen at 51000 then 50750 zones.

Stocks On Radar

Siemens Limited

Siemens Limited CMP: 5418, Mcap 1,92,955 Cr.

* Range breakout on daily chart

* Surge in volumes visible

* RSI Indicator showing strength

* Immediate support at 5240

DLF Limited

DLF Limited CMP: 681, Mcap 1,68,433 Cr.

* Bearish engulfing at resistance zones

* Facing hurdle at 50 DEMA

* Higher than average selling volumes

* RSI indicator giving bearish crossover

* Immediate resistance at 712

Derivative Outlook

* Nifty March future closed at 23,521.90 with a premium of 35.05 point v/s 36.7 point premium in the last session.

* Nifty Put/Call Ratio (OI) decreased from 1.04 to 0.92 level.

* India VIX decreased by 1.21% to 13.47 level.

FII Cash & Derivative Activity

* FIIs on Derivatives front : Short covering in index futures, call buying and put selling in index options

* In the cash market : FIIs were net buyers to the tune of 2241 Cr while DIIs were net sellers worth 696 Cr.

* FIIs long short ratio : Increased to 33.58%

Nifty : Option Data

* Maximum Call OI is at 24000 then 23700 strike while Maximum Put OI is at 23000 then 23500 strike.

* Call writing is seen at 23600 then 23700 strike while Put writing is seen at 23450 then 23400 strike.

* Option data suggests a broader trading range in between 23000 to 24000 zones while an immediate range between 23300 to 23700 levels.

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