index opened on a muted note and witnessed a gradual recovery towards the prior day's high - GEPL Capital Ltd
Market News:
• Spice Lounge Food Signs MoU with Indian Emulsifiers
• SS Retail Plans Over 200 New Stores In Maharashtra.
• Concord Biotech’s Ahmedabad Unit Gets One US FDA Observation.
Technical Summary:
The index opened on a muted note and witnessed a gradual recovery towards the prior day’s high. On the daily scale, the index has formed higher lows for three consecutive sessions; however, it remains unable to sustain above its 5-day EMA, indicating caution in the near term. The index needs to decisively breach the 23,600 level to signal further strength. On the sectoral front, Tourism, Realty and Defence emerged as the top gainers, while IT and Consumer were the major laggards for the day.
Levels to watch:
The Nifty has its crucial resistance 23600 (Pivot Level) and 23800 (Key Resistance). While support on the downside is placed at 23150 (Multiple Touches) and 23000 (Key Support).
What should short term traders expect?
The Index Can Short below 23200 for the potential target of 23000 the stop loss of 23250 level.
Technical Data Points
NIFTY SPOT: 23346 (+0.33%)
TRADING ZONE:
Resistance: 23600 (Pivot Level) and 23800 (Key Resistance)
Support: 23150 (Multiple Touches) and 23000 (Key Support).
STRATEGY: BEARISH TILL BELOW 23800 (Key Resistance)
BANK NIFTY SPOT: 56358 (+0.54%)
TRADING ZONE:
Resistance: 57000 (Pivot Level) and 57500(Key Resistance)
Support: 56000 (Pivot Level) and 55500 (Key Support).
STRATEGY: BEARISH TILL BELOW 57000 (Pivot Level)
SEBI Registration number is INH000000081.
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