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Market News:

* HCLTech Ltd. collaborates with Equinor to strengthen cyber resilience and streamline network operations.

* ITI Ltd. bags orders worth Rs.88 crore for deploying CCTV surveillance and Land Intelligence Management Systems across Odisha and Chhattisgarh.

* Afcons Infrastructure secures a Letter of Commitment from Reliance Industries for civil and structural erection work in Gujarat, marking a key milestone in its project execution portfolio.

Technical Summary:

The index opened with a gap-up but faced resistance near 25,600 and failed to sustain above the previous day’s high. It gradually drifted lower through the session, breaching the prior day’s low, yet managed to hold above the key 12- and 20-day EMAs, indicating a neutral near-term sentiment. On the sectoral front, Metals and Consumer Durables outperformed, while Realty and Financial Services were the top underperformers of the day.

Levels to watch:

The Nifty has its crucial resistance 25600 (Pivot Level) and 25700 (Key Resistance). While support on the downside is placed at 25350 (Pivot Level) and 25200 (Key Support).

What should short term traders expect?

The Index can be long if it sustains above 25600 for the potential target of 25700 with stop loss of 25330 level.

Technical Data Points

NIFTY SPOT: 25443(-0.38%)

TRADING ZONE:

Resistance: 25600 (Pivot Level) and 25700 (Key Resistance).

Support: 25350 (Pivot Level) and 25200 (Key Support).

STRATEGY: Bullish till above 25200 (Key Support).

BANK NIFTY SPOT: 56975(-0.84%)

TRADING ZONE:

Resistance: 57500 (Pivot Level) / 58000 (Key Resistance)

Support: 56500 (Pivot Level) / 56000 (Key Support).

STRATEGY: Bullish till above 56000 (Key Support).

SEBI Registration number is INH000000081.

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