Index gapped up, rallied to 23862, then traded rangebound by GEPL Capital Ltd
Market News:
* Axis Bank’s board has approved a Rs.1,500 crore capital infusion into Axis Finance via a rights issue.
* Paisalo Digital’s board has approved the issuance of 51,000 non-convertible debentures, each with a face value of Rs.10,000.
* Technvision Ventures’ arm has signed an MoU with SCEI and SMCW College for new drug development and drug repurposing.
Technical Summary:
The index opened on a gap-up and extended its relief rally toward 23,862, before remaining rangebound in the second half of the session. On the daily chart, it marked a higher high for the third consecutive day. However, the March series shows a “sell on rise” pattern, suggesting caution for near-term trades in the 23,850–24,000 zone. Sector-wise, Media and IT emerged as the top gainers.
Levels to watch:
The Nifty has its crucial resistance 23900 (Pivot Level) and 24000 (Key Resistance). While support on the downside is placed at 23500 (Multiple Touches) and 23300 (Key Support)
What should short term traders expect?
The Index can SHORT below 23500 for the potential target of 23300 the stop loss of 23570 level.
Technical Data Points
NIFTY SPOT: 23764 (+0.78%)
TRADING ZONE
Resistance: 23900 (Pivot Level) and 24000 (Key Resistance)
Support: 23500 (Multiple Touches) and 23300 (Key Support).
STRATEGY: Bearish Till Below 24000 (Key Resistance)
BANK NIFTY SPOT: 55321 (+0.81%)
TRADING ZONE:
Resistance: 55800 (Pivot Level) / 56500 (Key Resistance)
Support: 54750 (Pivot Level) / 54000 (Key Support)
STRATEGY: Bearish Till Below 56500 (Key Resistance)
SEBI Registration number is INH000000081.
Please refer disclaimer at https://geplcapital.com/term-disclaimer
