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Nifty Technical Outlook

NIFTY (CMP : 24565)

Nifty immediate support is at 24442 then 24250 zones while resistance at 24800 then 24950 zones. Now if it holds below 24600 zones, then weakness could be seen towards 24442 then 24250 zones while hurdles have shifted lower to 24800 and 24950 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 55617)

Bank Nifty support is at 55250 then 55000 zones while resistance at 55750 then 56000 zones. Now till it holds below 55750 zones some weakness could be seen towards 55250 then 55000 zones while on the upside hurdle is seen at 55750 then 56000 levels.

Stocks On Radar

Jio Financial Services Ltd 

(CMP: 329, Mcap Rs. 2,09,341 Cr.)

* Consolidation breakout above 335.

* Higher than average traded volumes.

* RSI momentum indicator rising.

* Immediate support at 315.

Gail Ltd

(CMP: 173, Mcap Rs.1,14,663 Cr.)

* Triangle breakdown on daily chart.

* Strong bodied bearish candle.

* Higher than average selling volumes.

* RSI indicator showing weakness.

* Immediate resistance at 181.

Derivative Outlook

* Nifty August future closed at 24,627.20 with a premium of 61.85 point v/s 103.25 point premium in the last session.

* Nifty Put/Call Ratio (OI) decreased from 1.04 to 0.75 level. ? India VIX increased by 3.75% to 11.98 level.

FII Cash & Derivative Activity

* FIIs on Derivatives front : Short build up in Index Futures, call selling and put buying in index options

* In the cash market : FIIs were net sellers to the tune of 2821 Cr while DIIs were net buyers worth 2718 Cr.

* FIIs long short ratio : Decreased to 8.60%

Nifty : Option Data

* Maximum Call OI is at 25000 then 24800 strike while Maximum Put OI is at 24200 then 24000 strike.

* Call writing is seen at 24700 then 24800 strike while Put writing is seen at 24200 then 24400 strike.

* Option data suggests a broader trading range in between 24000 to 25000 zones while an immediate range between 24300 to 24800 levels.

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