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Nifty Technical Outlook

NIFTY (CMP : 25461)

Nifty immediate support is at 25350 then 25222 zones while resistance at 25650 then 25800 zones. Going forward, a sustained move above 25500 could see an up move towards 25650 and 25800 levels, while failure to hold may lead to weakness towards 25350 and then 25222 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 56949)

Bank Nifty support is at 56750 then 56500 zones while resistance at 57250 then 57500 zones. Now it needs to cross and hold above 57000 zones for a bounce towards 57250 then 57500 zones while a hold below the same could see some weakness towards 56750 then 56500 levels.

Stocks On Radar

Britannia Industries Ltd

(CMP: 5884, Mcap Rs.1,41,727 Cr.)

* Stock in overall uptrend.

* Respecting 20 DEMA support zones.

* MACD indicator positively placed.

* Immediate support at 5675.

Cummins India Ltd

(CMP: 3436, Mcap Rs.95,249 Cr.)

* Consolidation breakout above 3460.

* Strong bodied bullish candle.

* Respecting 50 DEMA.

* MACD verge of bullish crossover.

* Immediate support at 3310.

Derivative Outlook

* Nifty July future closed at 25538.90 with a premium of 77.60 point v/s 79.10 point premium in the last session.

* Nifty Put/Call Ratio (OI) increased from 0.93 to 0.95 level.

* India VIX increased by 1.99% to 12.56 level.

FII Cash & Derivative Activity

* FIIs on Derivatives front : Short built up in index futures, call and put selling in index options.

* In the cash market : FIIs were net buyers to the tune of 323 Cr and DIIs were also net buyers worth 1740 Cr.

* FIIs long short ratio : hovering near 28%

Nifty : Option Data

* Maximum Call OI is at 25500 then 26000 strike while Maximum Put OI is at 25400 then 25300 strike.

* Call writing is seen at 25500 then 25600 strike while Put writing is seen at 25400 then 25300 strike.

* Option data suggests a broader trading range in between 25000 to 26000 zones while an immediate range between 25300 to 25700 levels.

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