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Nifty Technical Outlook

NIFTY (CMP : 25694)

Nifty immediate support is at 25550 then 25450 zones while resistance at 25800 then 25950 zones. Now it has to hold above 25650 zones for momentum to continue towards 25800 then 25950 zones while supports have shifted higher to 25550 then 25450 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 58138)

Bank Nifty support is at 57750 then 57500 zones while resistance at 58350 then 58577 zones. Now it has to hold above 57750 zones for an up move towards 58350 then 58577 zones while on the downside support is seen at 57750 then 57500 levels.

Midcap100 Index Technical Outlook

* Retesting Breakout Zones on daily chart and RSI positive crossover.

Smallcap250 Index Technical Outlook

* Hammer Candle near support zones and forming small bodied candles.

Technical Stocks On Radar

ICICI Bank Ltd

(CMP: 1358, Mcap Rs.9,70,656 Cr.)

* Positive divergence on RSI suggesting possible pullback

* High volumes on up moves.

* RSI momentum indicator bullish crossover.

* Immediate support at 1330.

Bharat Electronics Ltd

(CMP: 427, Mcap Rs.3,12,347 Cr.)

* Verge of consolidation breakout above 431.

* Respecting 50 DEMA support zones.

* Surge in volumes visible.

* RSI indicator positively placed.

* Immediate support at 410.

Technical Chart Pattern for the Day

* Inverted “Head & Shoulder” pattern formation; Support : 1690, Breakout above : 1815

Nifty : Option Data

* Maximum Call OI is at 25700 then 25800 strike while Maximum Put OI is at 25600 then 25000 strike.

* Call writing is seen at 25600 then 25700 strike while Put writing is seen at 25600 then 25500 strike.

* Option data suggests a broader trading range in between 25200 to 26100 zones while an immediate range between 25500 to 25900 levels.

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