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Nifty Technical Outlook

NIFTY (CMP : 24328)

Nifty immediate support is at 24200 then 24050 zones while resistance at 24500 then 24650 zones. Now it has to hold above 24200 zones for an up move towards 24500 then 24650 zones while supports have shifted higher towards 24200 then 24050 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 55432)

Bank Nifty support is at 55250 then 55000 zones while resistance at 56000 then 56500 zones. Now it has to hold above 55250 zones for an up move towards 56000 then new life high towards 56500 zones while on the downside supports are seen at 55250 then 55000 levels.

Stocks On Radar

Bharat Electronics Ltd

Bharat Electronics Ltd   CMP: 305, Mcap 2,22,985 Cr.

* Consolidation breakout above 310.

* Rising volumes visible.

* MACD indicator suggesting strength.

* Immediate support at 294.

Indian Bank Ltd

Indian Bank Ltd CMP: 586, Mcap 78,972 Cr.

* Retesting its breakout from a symmetrical triangle.

* Strong bullish candle.

* Higher than average traded volumes.

* RSI momentum indicator rising.

• Immediate support at 560.

Derivative Outlook

* Nifty May future closed at 24,452.80 with a premium of 124.30 point v/s 99.75 point premium in the last session.

* Nifty Put/Call Ratio (OI) increased from 0.87 to 1.22 level.

* India VIX decreased by 1.27% to 16.94 level

FII Cash & Derivative Activity

* FIIs on Derivatives front : Long built up in index futures, call buying along with short covering in index options

* In the cash market : FIIs were net buyers to the tune of 2475 Cr and DIIs were also net buyers worth 2818 Cr.

* FIIs long short ratio : Increased to 42.33

Nifty : Option Data

* Maximum Call OI is at 25000 then 24500 strike while Maximum Put OI is at 24000 then 24200 strike.

* Call writing is seen at 24500 then 25000 strike while Put writing is seen at 24000 then 24200 strike.

* Option data suggests a broader trading range in between 24000 to 25000 zones while an immediate range between 24200 to 24600 levels.

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