Nifty immediate support is at 24950 then 24800 zones while resistance at 25250 then 25500 zones - Motilal Oswal Wealth Mangement
Nifty Technical Outlook
NIFTY (CMP : 25112)
Nifty immediate support is at 24950 then 24800 zones while resistance at 25250 then 25500 zones. Now it has to continue to hold above 25000, for an up move towards 25250 then 25500 zones while supports have shifted higher to 24950 then 24800 zones.
Bank Nifty Technical Outlook
BANK NIFTY (CMP : 56252)
Bank Nifty support is at 56000 then 55750 zones while resistance at 56500 then 57000 zones. Now it has to hold above 56000 zones for an up move towards 56500 then 57000 levels while on the downside support is seen at 56000 then 55750 zones.
Stocks On Radar
Reliance Industries Ltd
(CMP: 1466, Mcap Rs.19,84,131 Cr.)
* Ascending triangle breakout.
* Strong bullish candle.
* Surge in volumes visible.
* RSI indicator positively placed.
* Immediate support at 1415.
Indus Towers Ltd
(CMP: 404, Mcap Rs.1,08,956 Cr.)
* Descending triangle breakout.
* Bullish marubozu candle.
* Surge in volumes.
* RSI indicator rising.
* Immediate support at 388.
Derivative Outlook
* Nifty June future closed at 25,111.70 with a discount of 0.70 point v/s 9.85 point discount in the last session.
* Nifty Put/Call Ratio (OI) increased from 1.03 to 1.16 level.
* India VIX decreased by 4.09% to 13.67 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 buyers to the tune of 7704 Cr while DIIs were also net sellers worth 3657 Cr.
* FIIs long short ratio : Increased to 23.79%
Nifty : Option Data
* Maximum Call OI is at 25500 then 26000 strike while Maximum Put OI is at 24800 then 25000 strike.
* Call writing is seen at 25500 then 25600 strike while Put writing is seen at 24900 then 25000 strike.
* Option data suggests a broader trading range in between 24600 to 25600 zones while an immediate range between 24900 to 25300 levels.
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