Technical Outlook of Nifty for 23/07/2013

Markets ended flat on Monday, amid a volatile trading session, weighed down by profit taking in L&T after the engineering major announced disappointing first quarter earnings. Larsen and Toubro (L&T) tanked 7.46% to Rs 902 after reporting a 12.5% year-on-year (yoy) drop in its net profit at Rs 756 cr for the quarter ended June 30, 2013 (Q1) on account of job mix, lower margin accruals and lower other income. The 30-share Sensex ended up 9 points at 20,159 mark and the 50-share Nifty inched up 3 points at 6,032 levels. 

European markets also red on afternoon,Morning Rupee was stable at 59.4 on morning but afternoon it weakening further and Rupee trades now at 59.72 against the dollar, Market will remain volatile and range bound this week. Market may not sustain above 6100 as earlier i said. We may see 5900-5950 before expiry. FIIs sold 406 crores on cash market, Still FIIs bearish on our market. So be cautious, watch global markets and rupee and trade accordingly ,book the profits on higher levels, dont hold longs. Tomorrow market has immediate support at 6000 and resistance at 6060.

Pivot Point - 6033.42

Intraday supports of Nifty - 6026.38, 6018, 6020, 6002.7, 5973.525, 5942.8

Intraday Resistances of Nifty - 6037.36, 6042.85, 6048.34, 6062.6, 6078, 6093.32, 6122.5 

Nifty Futures and options Analysis:

NIFTY FUTURE-CMP(6043.55) is currently in BULL trend . Yesterday the trend was CONFUSION TREND In Jul series Nifty future shed 11.79 lakh position in Open Interest and this accounts to -8.36 % of Total Open Interest in Jul series.The Nifty Jul series is trading at 11.75 Rs premium to Underlying . In derivative cumulatively for all series contract Nifty future net added 6.94 lakh position in open interest and this accounts to 3.15 % of Total Open Interest in all series and cumulatively trading in average premium of 45.85 Rs to Underlying. The open interest is also increasing with trend and premium of share is also increasing indicating bull move.

In options activity mainly confined to lower puts even though put/call ratio is high At current price strike the activity is tilted to call side but addition of Put is slightly increasing at 6000 level Yesterday Nifty Put option has added 841.61 lakh position and Nifty call option has added 635.59 lakh position in open interest on cumulative basis Moneyflow wise Nifty Put option has added Rs 13.58 crore in value and Nifty call option has shed Rs -3.36 crore in value on cumulative basis

Bank Nifty:

Positional Immediate support for BANKNIFTY is 10808 

positional Resistance for BANKNIFTY is 11365 11389 11418 11744 11949 11998 12035 12054 12143 .

Intraday Resistance of BANKNIFTY are 11188.7  11273.1 11245.5  11267.5

Intraday Support of BANKNIFTY are 10985.2  10900.8 10929.6  10907.8

Bank Nifty Futures and Options Analysis:

BANKNIFTY(11099.55) is currently in SIDEWAYS trend . Yesterday the trend was STRONG BULL In Jul series BANKNIFTY future added 0.39 lakh position in Open Interest and this accounts to 2.11 % of Total Open Interest in Jul series.The BANKNIFTY Jul series is trading at 12.6 Rs premium to Underlying . In derivative cumulatively for all series contract BANKNIFTY future net added 2.87 lakh position in open interest and this accounts to 11.96 % of Total Open Interest in all series and cumulatively trading in average premium of 82.25 Rs to Underlying. The open interest is also increasing with trend