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Nifty Technical Outlook

NIFTY (CMP : 23591)

Nifty immediate support is at 23400 then 23200 zones while resistance at 23750 then 23900 zones. Now if it holds above 23500 zones then bounce could be seen towards 23750 then 23900 zones while on the downside support can be seen at 23400 then 23200 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 51575)

Bank Nifty support is at 51250 then 51000 zones while resistance at 52000 then 52250 zones. Now it has to hold above 51250 zones for an up move towards 52000 then 52250 levels while on the downside support is seen at 51250 then 51000 zones.

Stocks On Radar

INDIGO

CMP: 5217, Mcap 1,98,150 Cr.

*Pole and flag breakout near ATH levels.

* Higher than average traded volumes.

* ADX line rising suggesting strength.

* Immediate support at 4960

JKCEMENT

CMP: 4885, Mcap 37,752 Cr.

* Bullish Mat Hold Pattern on daily chart

* Surge in Volumes visible

* MACD momentum indicator rising

* Immediate support at 4710

Derivative Outlook

*Nifty April future closed at 23,777.65 with a premium of 185.70 point v/s 35.05 point premium in the last session.

* Nifty Put/Call Ratio (OI) increased from 0.92 to 1.01 level.

* India VIX decreased by 1.26% to 13.30 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 11,111 Cr while DIIs were also net buyers worth 2517 Cr.

* FIIs long short ratio : Increased to 39.86%

Nifty : Option Data

*Maximum Call OI is at 24500 then 24000 strike while Maximum Put OI is at 23500 then 23000 strike.

*Call writing is seen at 23600 then 24000 strike while Put writing is seen at 23600 then 23300 strike.

*Option data suggests a broader trading range in between 23000 to 24000 zones while an immediate range between 23400 to 23800 levels

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