The Nifty has its crucial resistance 24200 (Pivot Level) and 24300 (Key Resistance) - GEPL Capital
Market News:
• HCLTech secured a multi-year partnership with Volkswagen’s e.solutions.
• India’s defence production hit a record Rs 1.78 lakh crore in FY26, underscoring the country’s growing self-reliance in defence manufacturing.
• HDFC Bank secured its $750 million bond issuance at its tightest-ever spread.
Technical Summary:
The index opened on a muted note and witnessed a strong rally during the first half of the trading session. However, buying momentum tapered off near the 24,100 mark, leading to profit booking and a gradual decline. In the latter half of the session, the index staged a recovery and eventually closed above the key 24,000 level. On the sectoral front, Defence and Consumer Durables emerged as the top gainers, while Capital Markets and Auto were among the major laggards for the day.
Levels to watch:
The Nifty has its crucial resistance 24200 (Pivot Level) and 24300 (Key Resistance). While support on the downside is placed at 23900 (Pivot Level) and 23800 (Key Support).
What should short term traders expect?
The Index can LONG above 24100 for the potential target of 24250 the stop loss of 24000 level.
Technical Data Points
NIFTY SPOT: 23995 (+0.59%)
TRADING ZONE:
Resistance: 24200 (Pivot Level) and 24300 (Key Resistance)
Support: 23900 (Pivot Level) and 23800 (Key Support).
STRATEGY: Bullish till above 23800 (Key Support).
BANK NIFTY SPOT: 57304 (+0.19%)
TRADING ZONE:
Resistance: 58000 (Pivot Level) and 58500 (Key Resistance)
Support: 57000 (Pivot Level) and 56500 (Key Support).
STRATEGY: Bullish till above 56500 (Key Support).
SEBI Registration number is INH000000081.
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