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Nifty Technical Outlook

NIFTY (CMP : 25005)

Nifty immediate support is at 24900 then 24800 zones while resistance at 25150 then 25250 zones. Now it has hold above 24950 zones for an up move towards 25150 then 25250 zones while supports have shifted higher to 24900 and 24800 zones

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 54669)

Bank Nifty support is at 54500 then 54250 zones while resistance at 55000 then 55250 zones. Now it has to hold above 54500 zones for an up move towards 55000 then 55250 zones while on the downside support is seen at 54500 then 54250 levels.

Technical Stocks On Radar

Power Grid Corporation of India Ltd

(CMP: 286, Mcap Rs.2,66,741 Cr.)

* Falling channel breakout above 290.

* Bullish “Mat Hold” pattern.

* Stochastic indicator giving positive crossover.

* Immediate support at 272.

Tata Chemicals Ltd

(CMP: 968, Mcap Rs.24,667 Cr.)

* Range breakout on daily scale.

* Strong bullish candle.

* Respecting 50 DEMA support zones.

* RSI momentum indicator rising.

* Immediate support at 926.

Nifty : Option Data

* Maximum Call OI is at 25000 then 25200 strike while Maximum Put OI is at 25000 then 24800 strike.

* Call writing is seen at 25400 then 25200 strike while Put writing is seen at 25000 then 24900 strike.

* Option data suggests a broader trading range in between 24500 to 25500 zones while an immediate range between 24800 to 25200 levels

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