Gap-Up Opening, First-Half Decline - GEPL Capital Ltd
Market News:
* BEL receives orders worth INR 730 Cr
* Lupin Wins US Patent Case for Generic Kalydeco.
* Vikram Solar Arm Launches 261 kWh Battery Storage System.
Technical Summary:
THE INDEX OPENED ON A GAP-UP NOTE BUT DRIFTED LOWER DURING THE FIRST HALF OF THE SESSION. IN THE SECOND HALF, THE INDEX REMAINED RANGEBOUND, INDICATING A LACK OF FOLLOWTHROUGH BUYING. ON THE DAILY SCALE, THE INDEX APPEARS TO BE FACING EXHAUSTION NEAR THE 200 DEMA, WHICH MAY ACT AS A KEY RESISTANCE LEVEL IN THE NEAR TERM. ON THE SECTORAL FRONT, CEMENT AND METAL WERE THE TOP GAINERS, WHILE IT AND INFRA EMERGED AS THE TOP UNDERPERFORMERS FOR THE DAY.
Levels to watch:
The Nifty has its crucial resistance 24300 (Pivot Level) and 24450 (Key Resistance). While support on the downside is placed at 24000 (Multiple Touches) and 23900 (Key Support).
What should short term traders expect?
The Index Can Short below 24180 for the potential target of 24000 the stop loss of 24250 level.
Technical Data Points
NIFTY SPOT: 24207 (-0.52%)
TRADING ZONE:
Resistance: 24300 (Pivot Level) and 24450 (Key Resistance)
Support: 24000 (Multiple Touches) and 23900 (Key Support).
STRATEGY: BEARISH TILL BELOW 24300 (Pivot Level)
BANK NIFTY SPOT: 57783 (0.47%)
TRADING ZONE:
Resistance: 58000 (Pivot Level) and 58500 (Key Resistance)
Support: 57500 (Pivot Level) and 56500 (Key Support).
STRATEGY: Bullish till above 56500 (Key Support).
SEBI Registration number is INH000000081.
Please refer disclaimer at https://geplcapital.com/term-disclaimerg
