index opened on a negative note, and remained range-bound during the first half of the session - GEPL Capital Ltd
Market News:
* Cement Prices Rise By Rs 10 Per Bag In South India.
* Natco Pharma Arms Invest $14 Million In eGenesis.
* Indiabulls Signs Agreement for Rs 3,000 Crore Gurugram Project
Technical Summary:
The index opened on a negative note, and remained range-bound during the first half of the session. However, strong demand or short covering emerged in the second half which moved up the Nifty to the day’s high level and managed to settle above the crucial 24,200 level. On the daily chart, the Nifty formed a green candle and continues to hold above its 50- and 100-DEMA, placed at 24,190 and 24,205, respectively, indicating a positive underlying trend. Sector-wise, Healthcare and Pharma were the top gainers, while PVT Bank and Metal emerged as the major underperformers.
Levels to watch:
The Nifty has its crucial resistance 24375 (200 DEMA) and 24775 (Swing High). While support on the downside is placed at 24190 (50 DEMA) and 24025 (Swing Low).
What should short term traders expect?
The Index Can Long above 24375 for the potential target of 24770 the stop loss of 24200 level.
Technical Data Points
NIFTY SPOT: 24334 (0.48%)
TRADING ZONE:
Resistance: 24375 (200 DEMA) and 24775 (Swing High)
Support: 24190 (50 DEMA) and 24025 (Swing Low).
STRATEGY: Bullish above 24375 (200 DEMA)
BANK NIFTY SPOT: 57514 (-0.02%)
TRADING ZONE:
Resistance: 58000 (Swing High) and 58250 (Key Resistance)
Support: 57000 (Key Support) and 56500 (50 Week EMA).
STRATEGY: Bullish till above 56500 (50 Week EMA).
SEBI Registration number is INH000000081.
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