Nifty immediate support is at 24800 then 24700 zones while resistance at 25150 then 25250 zones - Motilal Oswal Wealth Mangement
Nifty Technical Outlook
NIFTY (CMP : 24971)
Nifty immediate support is at 24800 then 24700 zones while resistance at 25150 then 25250 zones. Now it has to hold above 24900, for an up move towards 25150 then 25250 zones while supports can be seen at 24800 then 24700 zones.
Bank Nifty Technical Outlook
BANK NIFTY (CMP : 56059)
Bank Nifty support is at 55750 then 55555 zones while resistance at 56350 then 56500 zones. Now it has to hold above 56000 zones for an up move towards 56350 then 56500 levels while on the downside support is seen at 55750 then 55555 zones.
Stocks On Radar
Central Depository Services Limited
(CMP: 1723, Mcap ? 36,017 Cr.)
* Strong uptrend.
* Respecting 20 DEMA.
* Surge in volumes visible.
* RSI indicator positively placed.
* Immediate support at 1680.
Bharat Dynamics Limited
(CMP: 1931, Mcap ? 70,791 Cr.)
• Falling supply trend line breakout.
• Buying visible across defence space.
• Trading above short term averages.
• RSI giving bullish cross over .
• Immediate support at 1880.
Derivative Outlook
* Nifty June future closed at 24,993.30 with a premium of 21.40 point v/s 0.70 point discount in the last session.
* Nifty Put/Call Ratio (OI) decreased from 1.16 to 1.04 level. ? India VIX increased by 2.74% to 14.05 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 1977 Cr while DIIs were net buyers worth 3228 Cr.
* FIIs long short ratio : Hovering near 23%
Nifty : Option Data
* Maximum Call OI is at 25000 then 25500 strike while Maximum Put OI is at 24000 then 25000 strike.
* Call writing is seen at 25000 then 25300 strike while Put writing is seen at 24600 then 24900 strike.
* Option data suggests a broader trading range in between 24500 to 25300 zones while an immediate range between 24700 to 25200 levels.
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