Index opened on a weak note and remained volatile throughout the intraday session - GEPL Capital Ltd
Market News:
• E2E Networks Approves Fundraise of Up to Rs 1,500 Crore.
• Ceigall India Arm Commissions 5 MW Solar Power Plant In Maharashtra.
• Marathon Group To Launch Rs 5,000 Crore GDV Projects Over Next Two Years; Targets 35% EBITDA Margin.
Technical Summary:
The index opened on a weak note and remained volatile throughout the intraday session. On the daily scale, the index continues to trade below its key 20-, 50-, 100-, and 200-DEMA, indicating a cautious undertone and weak near-term price structure. On the sectoral front, no major gains were observed across the sectors, while media and metal emerged as the top underperformers for the day.
Levels to watch:
The Nifty has its crucial resistance 24200 (Pivot Level) and 24300 (Key Resistance). While support on the downside is placed at 23900 (Multiple Touches) and 23800 (Key Support).
What should short term traders expect?
The Index Can Short below 24000 for the potential target of 23900 the stop loss of 24070 level.
Technical Data Points
NIFTY SPOT: 24080 (-0.39%)
TRADING ZONE:
Resistance: 24200 (Pivot Level) and 24300 (Key Resistance)
Support: 23900(Multiple Touches) and 23800 (Key Support).
STRATEGY: BEARISH TILL BELOW 24300 (Key Resistance)
BANK NIFTY SPOT: 58024 (+0.92%)
TRADING ZONE:
Resistance: 58150 (Pivot Level) and 58500 (Key Resistance)
Support: 57000 (Pivot Level) and 56500 (Key Support).
STRATEGY: Bullish till above 56500 (Key Support).
SEBI Registration number is INH000000081.
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