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Nifty Technical Outlook

NIFTY (CMP : 24578)

Nifty immediate support is at 24550 then 24444 zones while resistance at 25000 then 25200 zones. Now it has to hold above 24750 zones for an up move towards 25000 then 25200 levels while supports have shifted higher to 24550 and then 24444 level.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 54940)

Bank Nifty support is at 54750 then 54500 zones while resistance at 55555 then 55750 zones. Now it has to hold above 55000 zones for an up move towards 55555 then 55750 levels while on the downside support shift higher at 54750 then 54500 zones.

Stocks On Radar

MFSL

(CMP: 1290, Mcap 44,523 Cr.)

* Verge of breakout above 1315.

* Respecting 20 DEMA support zones.

* RSI indicator positively placed rising.

* Immediate support at 1250.

ESCORTS

(CMP: 3501, Mcap 39,175 Cr.)

* Triangle breakout on daily chart.

* Strong bullish candle.

* Surge in traded volumes.

* RSI momentum indicator rising.

* Immediate support at 3365.

Derivative Outlook

* Nifty May future closed at 24,640.20 with a premium of 61.85 point v/s 119.40 point premium in the last session.

* Nifty Put/Call Ratio (OI) decreased from 1.29 to 0.85 level.

* India VIX decreased by 1.05% to 18.20 level.

FII Cash & Derivative Activity

* FIIs on Derivatives front : Long liquidation in index futures, Call and Put selling in index options

* In the cash market : FIIs were net sellers to the tune of 477 Cr while DIIs were net buyers worth 4274 Cr.

* FIIs long short ratio : Decreased to 37.54%

Nifty : Option Data

• Maximum Call OI is at 25000 then 25500 strike while Maximum Put OI is at 24000 then 23500 strike.

• Call writing is seen at 25000 then 24800 strike while Put writing is seen at 24200 then 24000 strike.

• Option data suggests a broader trading range in between 24100 to 25100 zones while an immediate range between 24400 to 24800 levels.

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