Nifty immediate support is at 24600 then 24500 zones while resistance at 24950 then 25100 zones - Motilal Oswal Wealth Mangement
Nifty Technical Outlook
NIFTY (CMP : 24793)
Nifty immediate support is at 24600 then 24500 zones while resistance at 24950 then 25100 zones. Now if it manages to hold above 24700, up move can be seen towards 24950 then 25100 zones while a hold below the same could see weakness towards 24600 then 24500 zones.
Bank Nifty Technical Outlook
BANK NIFTY (CMP : 55577)
Bank Nifty support is at 55250 then 55000 zones while resistance at 56000 then 56250 zones. Now it has to hold above 55555 zones for a bounce towards 56000 then 56250 levels while on the downside support is seen at 55250 then 55000 zones.
Stocks On Radar
Oil and Natural Gas Corporation Ltd.
(CMP: 251, Mcap Rs. 3,16,470 Cr.)
* Retesting breakout zones.
* Bullish hammer candlestick.
* Higher than average traded volumes.
* MACD momentum indicator rising
* Immediate support at 243.
REC LIMITED
(CMP: 383, Mcap Rs. 1,01,024 Cr.)
p ? 1,01,024 Cr.)
* Breakdown below support levels.
* Hurdle at 100 DEMA.
* RSI indicator declining
* Immediate resistance at 406.
Nifty : Option Data
* Maximum Call OI is at 25000 then 26000 strike while Maximum Put OI is at 24000 then 24500 strike.
* Call writing is seen at 24800 then 26000 strike while Put writing is seen at 24800 then 24000 strike.
* Option data suggests a broader trading range in between 24300 to 25300 zones while an immediate range between 24600 to 25000 levels.
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