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Nifty Technical Outlook

NIFTY (CMP : 24596)

Nifty immediate support is at 24442 then 24350 zones while resistance at 24750 then 24900 zones. Now if it manages to cross and hold above 24600 zones strength can be seen towards 24750 and 24900 zones, else weakness can be seen towards 24442 and 24350 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 55521)

Bank Nifty support is at 55250 then 55000 zones while resistance at 55750 then 56000 zones. Now it has to hold above 55555 zones for a bounce towards 55750 then 56000 levels while a hold below the same could see some weakness towards 55250 then 55000 zones.

Stocks On Radar

Torrent Pharmaceuticals Ltd

(CMP: 3797, Mcap Rs.1,21,723 Cr.)

* Bullish Engulfing pattern.

* Retesting breakout zones.

* Respecting 20 DEMA support zones.

* RSI verge of bullish crossover.

* Immediate support at 3460.

Indian Bank Ltd

(CMP: 647, Mcap Rs.87,236 Cr.)

* Verge of range breakout above 658.

* Strong bullish candle.

* Respecting 100 DEMA support zones.

* RSI momentum indicator rising.

* Immediate support at 618.

Derivative Outlook

* Nifty August future closed at 24,673.40 with a premium of 77.25 point v/s 60.70 point premium in the last session.

* Nifty Put/Call Ratio (OI) increased from 0.74 to 1.06 level.

* India VIX decreased by 2.28% to 11.69 level.

FII Cash & Derivative Activity

* FIIs on Derivatives front : Short covering in Index Futures, position unwinding in index options.

* In the cash market : FIIs were net sellers to the tune of 5214 Cr while DIIs were net buyers worth 10760 Cr.

* FIIs long short ratio : Hovering near 8%

Nifty : Option Data

* Maximum Call OI is at 24700 then 25000 strike while Maximum Put OI is at 24600 then 24500 strike.

* Call writing is seen at 24600 then 24700 strike while Put writing is seen at 24600 then 24500 strike.

* Option data suggests a broader trading range in between 24200 to 25200 zones while an immediate range between 24400 to 24900 levels.

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