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Nifty Technical Outlook

NIFTY (CMP : 24680)

Nifty immediate support is at 24550 then 24442 zones while resistance at 24800 then 25000 zones. Now till it holds below 24800 zones, weakness could be seen towards 24550 then 24442 zones while resistances are seen shifting lower at 24800 then 25000 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 56084)

Bank Nifty support is at 55750 then 55555 zones while resistance at 56250 then 56500 zones. Now till it holds below 56250 zones some weakness could be seen towards 55750 then 55555 levels while on the upside hurdle is seen at 56250 then 56500 zones.

Stocks On Radar

UPL Ltd

(CMP: 730, Mcap Rs.59,805 Cr.)

* Flag breakout on daily chart .

* Noticeable volumes.

* RSI positively placed .

* Immediate support at 705.

Indian Railway Catering and Tourism Corporation Ltd

(CMP: 730, Mcap Rs.58,408 Cr.)

* Range breakdown on daily chart.

* Selling visible across Rail stocks.

* Volumes picking up .

* RSI weakening.

* Immediate hurdle at 750.

Derivative Outlook

* Nifty July future closed at 24,710.20 with a premium of 29.30 point v/s 13.40 point premium in the last session.

* Nifty Put/Call Ratio (OI) decreased from 0.70 to 0.64 level.

* India VIX increased by 6.98% to 12.06 level.

FII Cash & Derivative Activity

* FIIs on Derivatives front : Short built up in index futures, call selling and put buying in index options

* In the cash market : FIIs were net sellers to the tune of 5877 Cr while DIIs were net buyers worth 6599 Cr.

* FIIs long short ratio : Hovering near 14%

Nifty : Option Data

* Maximum Call OI is at 24800 then 25000 strike while Maximum Put OI is at 24500 then 24700 strike.

* Call writing is seen at 24800 then 24700 strike while Put writing is seen at 24600 then 24650 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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