The index opened on a weak note, slipped below the 24,300 level, and made a low of 24,226 - GEPL Capital
Market News:
* SpiceJet received temporary relief from the NCLT, which was set to pass its final order on eight CIRP petitions filed against the airline.
* Lupin Ltd. has received approval from the US Food and Drug Administration (USFDA) for its Pitolisant Tablets.
* EMS Ltd. has emerged as the lowest bidder (L1) for a project worth approximately Rs 130 crore from the Jodhpur Municipality.
Technical Summary:
The index opened on a weak note, slipped below the 24,300 level, and made a low of 24,226. From there, it witnessed a sharp recovery toward the day’s high but failed to sustain at higher levels. On the daily scale, the index has been forming lower highs for the last 10 trading sessions, indicating continued weakness in the near-term sentiment. On the sectoral front, Realty and Metal were the top gainers, while IT and FMCG emerged as the top losers for the day. Levels to watch: The Nifty has its crucial resistance 24400 (Pivot Level) and 24500 (Key Resistance). While support on the downside is placed at 24200 (Multiple Touches) and 24000 (Key Support).
What should short term traders expect?
The Index Can Short below 24200 for the potential target of 24050 the stop loss of 24270 level.
Technical Data Points
NIFTY SPOT: 24287 (-0.32%)
TRADING ZONE:
Resistance: 24400 (Pivot Level) and 24500 (Key Resistance) Support: 24200 (Multiple Touches) and 24000 (Key Support).
STRATEGY: Bullish till above 24000 (Key Support). BANK NIFTY SPOT: 57497 (0.01%)
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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