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Nifty Technical Outlook

NIFTY (CMP : 26052)

Nifty immediate support is at 25900 then 25800 zones while resistance at 26150 then 26277 zones. Now it has to hold above 26000 zones for an up move towards 26150 then 26277 zones while supports can be seen at 25900 then 25800 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 59216)

Bank Nifty support is at 59000 then 58750 zones while resistance at 59500 then 60000 zones. Now it has to hold above 59000 zones for an up move towards a new life high territory 59500 then 60000 zones while on the downside support has shifted higher to 59000 then 58750 levels.

Midcap100 Index Technical Outlook

* Hovering above breakout zones and RSI positively placed

Smallcap250 Index Technical Outlook

* Hovering below 50 DEMA zones.

Nifty IT Index

* Nifty IT index has close above its 200 DEMA and formed a strong bullish candle.

Technical Stocks On Radar

Sun Pharmaceutical Industries Ltd

(CMP: 1784, Mcap Rs. 4,28,065 Cr.)

* Consolidation breakout on daily scale.

* Respecting 50 DEMA support.

*- Rising volumes visible.

* RSI momentum indicator rising.

* Immediate support at 1720.

South Indian Bank Ltd

(CMP: 41.08, Mcap Rs.10,750 Cr.)

* Bullish “Pennant Pattern” formation.

* Surge in traded volumes visible.

* RSI momentum indicator giving bullish crossover.

* Immediate support at 38.

Technical Chart Pattern for the Day

* Bullish “Falling Wedge” reversal pattern formation; Support : 680

Nifty : Option Data

* Maximum Call OI is at 26000 then 26500 strike while Maximum Put OI is at 26000 then 25900 strike.

* Call writing is seen at 26000 then 26050 strike while Put writing is seen at 25900 then 26000 strike.

* Option data suggests a broader trading range in between 25500 to 26400 zones while an immediate range between 25800 to 26200 levels.

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