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Nifty Technical Outlook

NIFTY (CMP : 24500)

Nifty immediate support is at 24350 then 24200 zones while resistance at 24700 then 24850 zones. Now till it holds below the 24650 zone weakness could extend towards 24350 and then 24200 zones while hurdles are placed at 24700 and 24850 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 53820)

Bank Nifty support is at 53500 then 53250 zones while resistance at 54250 then 54500 zones. Now till it holds below 54250 zones weakness could be seen towards 53500 then 53250 levels while on the upside hurdle is seen at 54250 then 54500 zones.

Technical Stocks On Radar

Punjab National Bank Ltd

(CMP: 102, Mcap Rs.6,32,651 Cr.)

* Range breakdown on daily scale.

* Large bearish candle.

* High selling volumes.

* RSI momentum indicator declining.

* Immediate resistance at 105

Kaynes Technology India Ltd

(CMP: 6195, Mcap Rs.41,480 Cr.)

* Falling supply trendline breakout above 6370.

* Respecting 100 DEMA

* RSI indicator flattish.

* Immediate support at 6150.

Nifty Expiry Outlook

* Maximum Call OI is at 25000 then 24800 strike while Maximum Put OI is at 24500 then 24000 strike

* Call writing is seen at 24600 then 24800 strike while Put writing is seen at 24500 then 24000 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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