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 : 24414 )
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 strength to regain towards 24650 then 24750 zones while supports can be seen at 24200 then 24050 zones.
BANK NIFTY (CMP : 54610)
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 a bounce towards 55000 then 55250 levels while on the downside support is seen at 54250 then 54000 zones.
Stocks On Radar
Tata Motors Ltd
CMP: 680, Mcap 2,50,442 Cr.
* Bullish Flag & Pole Breakout.
* Close above 50 DEMA.
* Rising Volumes.
* MACD indicator suggesting strength.
* Immediate support at 640.
SRF Ltd
CMP: 3055, Mcap 90,579 Cr.
* Bounce up from 50 DEMA support zones.
* Overall uptrend.
* RSI giving bullish crossover.
* Immediate support at 2900.
Derivative Outlook
* Nifty May future closed at 24,461.40 with a premium of 47.00 point v/s 51.80 point premium in the last session.
* Nifty Put/Call Ratio (OI) increased from 0.92 to 0.97 level.
* India VIX increased by 0.34% to 19.06 level.
FII Cash & Derivative Activity
* FIIs on Derivatives front : Short covering in index futures, call and put selling in index options
* In the cash market : FIIs were net buyers to the tune of 2586 Cr and DIIs were also net buyers worth 2379 Cr.
* FIIs long short ratio : Increased to 50.14%
Nifty : Option Data
* Maximum Call OI is at 24400 then 25000 strike while Maximum Put OI is at 24300 then 24400 strike.
* Call writing is seen at 24400 then 24850 strike while Put writing is seen at 24300 then 24350 strike.
* Option data suggests a broader trading range in between 23800 to 24800 zones while an immediate range between 24100 to 24600 levels.
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