index opened with a gap-down amid a rise in Brent crude prices and the U.S - GEPL Capital Ltd
Market News:
* L&T Allots Rs 500 Crore Tokenised Debentures Through Private Placement.
* NMDC hikes Lump Ore prices by Rs 150/tonne to Rs 5,400, while keeping fines unchanged at Rs 4,500/tonne, effective Sep 9, 2026.
* Pranav Constructions IPO Subscribed 72.69 Times On Final Day
Technical Summary:
The index opened with a gap-down amid a rise in Brent crude prices and the U.S. 10-year bond yield, driven by escalating tensions between the U.S. and Iran. The index has consequently remained in a corrective phase for the fifth consecutive session and is trading below key moving averages on the hourly timeframe, indicating a bearish near-term trend. On the sectoral front, Metal and Energy were the top gainers, while IT and Realty emerged as the top underperforming sectors for the day.
Levels to watch:
The Nifty has its crucial resistance 23700 (Pivot Level) and 23950 (Key Resistance). While support on the downside is placed at 23300 (Multiple Touches) and 23000 (Key Support).
What should short term traders expect?
The Index Can Short below 23400 for the potential target of 23300 AND 23250 the stop loss of 23480 level.
Technical Data Points
NIFTY SPOT: 23431 (-0.86%)
TRADING ZONE:
Resistance: 23700 (Pivot Level) and 23950 (Key Resistance)
Support: 23300 (Multiple Touches) and 23000 (Key Support).
STRATEGY: BEARISH TILL BELOW 23950 (Key Resistance)
BANK NIFTY SPOT: 56295 (-0.85%)
TRADING ZONE:
Resistance: 57000 (Pivot Level) and 57500(Key Resistance)
Support: 55500 (Pivot Level) and 55000(Key Support).
STRATEGY: BEARISH TILL BELOW 57000 (Pivot Level)
SEBI Registration number is INH000000081.
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