Nifty support at 23900-23800; resistance at 24200-24350 by Motilal Oswal Wealth Management
Nifty Technical Outlook
NIFTY (CMP : 23995) Nifty immediate support is at 23900 then 23800 zone while resistance at 24200 then 24350 zones. Now it has to hold above 24000 zones for an up move towards 24200 then 24350 zones while supports are placed at 23900 then 23800 zones.
Bank Nifty Technical Outlook
BANK NIFTY (CMP : 55400) Bank Nifty support is at 55000 then 54500 zones while resistance at 55750 then 56000 zones. Now till it holds below 55500 zones some weakness could be seen towards 55000 then 54500 levels while on the upside hurdle is seen at 55750 then 56000 zones.
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Technical Stocks On Radar
Sona Blw Precision Forgings Ltd
(CMP: 599, Mcap Rs. 37,236 Cr.)
* Bullish “Flag and Pole” pattern.
* At “52 Week” Zones.
* Accumulation visible.
* RSI indicator positively placed.
* Immediate support at 560.
Kirloskar Oil Engines Ltd
(CMP: 1724, Mcap Rs. 25,067 Cr.)
* Consolidation breakout on daily chart.
* Strong bodied bullish candle.
* High traded volumes.
* RSI indicator rising.
* Immediate support at 1570.
Nifty : Option Data
* Maximum Call OI is at 25000 then 24200 strike while Maximum Put OI is at 23000 then 24000 strike.
* Call writing is seen at 25000 then 24500 strike while Put writing is seen at 23000 then 24000 strike.
* Option data suggests a broader trading range in between 23600 to 24400 zones while an immediate range between 23800 to 24200 levels
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