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Nifty Technical Outlook

NIFTY (CMP : 24946)

Nifty immediate support is at 24850 then 24700 zones while resistance at 25100 then 25250 zones. Now it has to hold above 24900 zones for an upside move towards 25100 then 25250 zones while supports have shifted higher to 24850 then 24700 zones

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 55944)

Bank Nifty support is at 55750 then 55555 zones while resistance at 56250 then 56500 zones. Now it has to hold above 55750 zones for an up move towards 56250 then 56500 levels while on the downside support is seen at 55750 then 55555 zones.

Stocks On Radar

Bharat Electronics Ltd

(CMP: 403, Mcap Rs 2,95,205 Cr.)

* Range breakout at “All Time High Zone”.

* Bounce from 20 DEMA support zones.

* Rising Volumes.

* RSI indicator verge of giving bullish crossover.

* Immediate support at 390.

KPIT Technologies Ltd

(CMP: 1405, Mcap Rs.38,539 Cr.)

* Cup & Handle Breakout above 1416.

* Surge in volumes.

* RSI momentum indicator rising.

* Immediate support at 1630.

Derivative Outlook

* Nifty June future closed at 24,996.20 with a premium of 49.70 point v/s 8.80 point premium in the last session.

* Nifty Put/Call Ratio (OI) increased from 0.89 to 1.14 level.

* India VIX decreased by 1.61% to 14.84 level.

FII Cash & Derivative Activity

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

* In the cash market : FIIs were net sellers to the tune of 2288 Cr while DIIs were net buyers worth 5608 Cr.

* FIIs long short ratio : Increased to 20.21%

Nifty : Option Data

* Maximum Call OI is at 25300 then 25500 strike while Maximum Put OI is at 24000 then 24800 strike.

* Call writing is seen at 24900 then 25300 strike while Put writing is seen at 24800 then 24900 strike.

* Option data suggests a broader trading range in between 24450 to 25450 zones while an immediate range between 24750 to 25150 levels

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