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Nifty Technical Outlook

NIFTY (CMP : 24973)

Nifty immediate support is at 24850 then 24750 zones while resistance at 25150 then 25250 zones. Now it has hold above 24900 zones for an up move towards 25150 then 25250 zones while supports have shifted higher to 24850 and 24750 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 54536)

Bank Nifty support is at 54250 then 54000 zones while resistance at 54750 then 55000 zones. Now it has to hold above 54250 zones for an up move towards 54750 then 55000 zones while on the downside support is seen at 54250 then 54000 levels.

Technical Stocks On Radar

Bharat Electronics Ltd

(CMP: 388, Mcap Rs.2,83,656 Cr.)

*  Inverted “Head & Shoulder” breakout.

*  Strong bullish candle.

*  Surge in volumes visible.

*  RSI momentum indicator rising.

*  Immediate support at 367.

Canara Bank Ltd

(CMP: 110, Mcap Rs.1,00,358 Cr.)

*  Trendline breakout breakout on daily scale.

*  Higher than average traded volumes.

*  RSI momentum indicator giving bullish crossover.

*  Immediate support at 104

Nifty : Option Data

*  Maximum Call OI is at 25000 then 25100 strike while Maximum Put OI is at 25000 then 24900 strike.

*  Call writing is seen at 25000 then 25100 strike while Put writing is seen at 25000 then 24950 strike.

*  Option data suggests a broader trading range in between 24400 to 25400 zones while an immediate range between 24700 to 25200 levels.

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