Nifty immediate support is at 24200 then 24050 zones while resistance at 24650 then 24750 zones - Motilal Oswal Wealth Management

Nifty Technical Outlook
NIFTY (CMP : 24461)
Nifty immediate support is at 24200 then 24050 zones while resistance at 24650 then 24750 zones. Now it has to hold above 24400 zones for an up move towards 24650 then 24750 zones while supports can be seen at 24200 then 24050 zones.
BANK NIFTY (CMP : 54919)
Bank Nifty support is at 54750 then 54500 zones while resistance at 55250 then 55500 zones. Now it has to hold above 54750 zones for an up move towards 55250 then 55500 zones while on the downside supports are seen at 54750 then 54500 levels.
Stocks On Radar
Dixon Technologies Ltd
CMP: 16710, Mcap 1,00,656 Cr.
* Bullish pennant pattern on daily scale.
* More momentum above 17000.
* ADX line suggesting strength.
* Immediate support at 16000.
SBI Card Ltd
CMP: 904, Mcap 86,039 Cr.
* Overall uptrend and bounce from support zones.
* Respecting 50 DEMA support zones.
* MACD indicator positively placed.
* Immediate support at 862.
Derivative Outlook
* Nifty May future closed at 24,553.70 with a premium of 92.55 point v/s 53.30 point premium in the last session.
* Nifty Put/Call Ratio (OI) increased from 0.91 to 0.97 level.
* India VIX increased by 0.44% to 18.34 level.
FII Cash & Derivative Activity
* FIIs on Derivatives front : Long built up in index futures, call and put selling in index options
* In the cash market : FIIs were net buyers to the tune of 498 Cr and DIIs were also net buyers worth 2789 Cr.
* FIIs long short ratio : Increased to 48.51%
Nifty : Option Data
* Maximum Call OI is at 24500 then 25000 strike while Maximum Put OI is at 24000 then 24400 strike.
* Call writing is seen at 24500 then 24700 strike while Put writing is seen at 24400 then 24500 strike.
* Option data suggests a broader trading range in between 24000 to 25000 zones while an immediate range between 24300 to 24700 levels.
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