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Market News:

* The USFDA has classified Piramal Pharma’s Lexington facility under “Voluntary Action Indicated” following its inspection.

* BEML has secured a $36.38 million export order from the Middle East for supplying heavy earthmoving equipment for infrastructure projects.

* Kernex Microsystems has been awarded an order worth Rs 67.53 crore for the supply, installation, testing, and commissioning of onboard KAVACH loco equipment.

Technical Summary:

The index opened on a gap-down note but witnessed a strong recovery during the session, moving higher to test the prior day’s low and eventually marking an intraday high around 23,907. On the daily scale, the index found support near its 26 DEMA, a key short-term average, indicating a neutral-to-positive undertone in the near term. On the sectoral front, Defence and CPSE indices emerged as top gainers, while Oil & Gas and FMCG sectors underperformed during the session

Levels to watch:

The Nifty has its crucial resistance 24000 (Pivot Level) and 24200 (Key Resistance). While support on the downside is placed at 23700 (Multiple Touches) and 23500 (Key Support).

What should short term traders expect?

The Index can LONG above 23900 for the potential target of 24050 the stop loss of 23830 level.

Technical Data Points

NIFTY SPOT: 23820 (-0.96%)

TRADING ZONE:

Resistance: 24000 (Pivot Level) and 24200 (Key Resistance).

Support: 23700 (Multiple Touches) and 23500 (Key Support).

STRATEGY: Bullish Till above 23500 (Key Support).

BANK NIFTY SPOT: 55582 (-0.59%)

TRADING ZONE:

Resistance: 56500 (Pivot Level) / 56800 (Key Resistance)

Support: 54500 (Pivot Level) / 53500 (Key Support)

STRATEGY: Bullish Till above 53500 (Key Support).

SEBI Registration number is INH000000081.

Please refer disclaimer at https://geplcapital.com/term-disclaimer