Index Closes Near Day's High Amid Sustained Buying Interest - GEPL Capital
Market News:
• Democrats win control of the US Senate in the 2026 midterm elections, according to DDHQ projections.
• Transrail Lighting reported 12.4% YoY growth in Q2 net profit to Rs 103.9 crore and 31.7% revenue growth to rs 2,056 crore, while EBITDA margin declined 30 bps to 11.5%.
• Jupiter Wagons secured a Rs 61 crore order from Balmer Lawrie for 3 railway rakes.
Technical Summary:
The index opened on a positive note and witnessed its day’s high and low during the initial minutes of the session. Thereafter, it remained confined within a narrow trading range throughout the day and eventually closed near its day’s high, indicating sustained buying interest and resilience. On the daily chart, the index formed a strong bullish candlestick pattern, reinforcing the improving positive market structure. Among sectors, MEDIA and REALTY outperformed, while the IT index emerged as the major underperformer. Going forward, 23,950 remains the immediate resistance, while 23,550 is expected to act as a crucial support. As long as the index sustains above 23,180, the short-term outlook remains positive, with any intermediate declines offering potential buying opportunities. A strict stop-loss of 23,500 is recommended.
Levels to watch:
The Nifty has its crucial resistance 24150 (Pivot Level) and 24500 (Key Resistance). While support on the downside is placed at 23800 (Pivot Level) and 23550 (Key Support).
What should short term traders expect?
The Index can be Long till it sustains above 23800 for the potential target of 24150 the stop loss of 23800 Level.
Technical Data Points
NIFTY SPOT: 23960.60 (+0.63%)
TRADING ZONE:
Resistance: 24150 (Pivot Level) and 24500 (Key Resistance)
Support: 23800 (Pivot Level) and 23550 (Key Support).
STRATEGY: BULLISH till above 23550 (Pivot Level)
BANK NIFTY SPOT: 55913.60 (+0.67%)
TRADING ZONE:
Resistance: 56100 (Pivot Level) and 56500 (Key Resistance)
Support: 55500 (Pivot Level) and 55000 (Key Support).
STRATEGY: BULLISH till above 55000 (Key Support)
SEBI Registration number is INH000000081.
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