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Nifty Technical Outlook

NIFTY (CMP : 24654)

Nifty immediate support is at 24550 then 24442 zones while resistance at 25700 then 24850 zones. Now till it holds below 24700 zones weakness could be seen towards 24550 then 24442 zones while hurdles have shifted lower to 24700 then 24850 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 54389)

Bank Nifty support is at 54000 then 53750 zones while resistance at 54500 then 54750 zones. Now till it holds below 54500 zones weakness could be seen towards 54000 then 53750 levels while on the upside hurdle is seen at 54500 then 54750 zones..

Technical Stocks On Radar

Motherson Ltd

(CMP: 106, Mcap Rs.1,11,518 Cr.)

* Retesting breakdown zones.

* Bullish “Hammer” candlestick.

* Hovering around 50 DEMA support.

* Higher than average volumes visible.

* Immediate support at 102

Policybazaar Insurance Brokers Ltd

(CMP: 1679, Mcap Rs.77,022 Cr.)

* Channel breakdown on daily chart.

* Large bodied bearish candle.

* High selling volumes.

* RSI momentum indicator declining.

* Immediate resistance at 1760.

Nifty : Option Data

* Maximum Call OI is at 25000 then 24800 strike while Maximum Put OI is at 24500 then 24600 strike.

* Call writing is seen at 24800 then 24900 strike while Put writing is seen at 24500 then 24650 strike.

* Option data suggests a broader trading range in between 24200 to 25000 zones while an immediate range between 24500 to 24900 levels.

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