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Nifty Technical Outlook

NIFTY (CMP : 24039)

Nifty immediate support is at 23850 then 23500 zones while resistance at 24250 then 24350 zones. Now it has to hold above 23850 zones for an up move towards 24250 then 24350 levels while supports have shifted higher to 23850 and then 23500 level.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 54664)

Bank Nifty support is at 54250 then 54000 zones while resistance at 55000 then 55250 zones. Now it has to hold above 54250 zones for an up move towards 55000 then 55250 levels while on the downside support shift higher at 54250 then 54000 zones.

Stocks On Radar

UltraTech Cement Ltd 

UltraTech Cement Ltd   CMP: 12237, Mcap 3,60,599 Cr.

* Range breakout on daily scale.

* Rising volumes visible.

* ADX line suggesting strength.

* Immediate support at 11875.

Voltas Ltd 

Voltas Ltd  CMP: 1235, Mcap 40,679 Cr.

* Range Breakdown on daily chart.

* Lower Lows formation.

* Higher than average traded volumes.

* MACD on verge of bearish crossover.

* Immediate resistance at 1285.

Derivative Outlook

* Nifty May future closed at 24,139.10 with a premium of 99.75 point v/s 126.30 point premium in the last session.

* Nifty Put/Call Ratio (OI) decreased from 1.03 to 0.87 level.

* India VIX increased by 5.58% to 17.16 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 buyers to the tune of 2952 Cr while DIIs were net buyers worth 3539 Cr.

* FIIs long short ratio : Decreased to 37.63%

Nifty : Option Data

* Maximum Call OI is at 25000 then 24500 strike while Maximum Put OI is at 23500 then 24000 strike.

* Call writing is seen at 24500 then 25000 strike while Put writing is seen at 23500 then 23800 strike.

* Option data suggests a broader trading range in between 23500 to 24500 zones while an immediate range between 23600 to 24300 levels.

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