Index opened weak, failed to hold, slid below 24,500 key support level - GEPL Capital Ltd
Market News:
* Shakti Pumps said its first tranche of 10,000 solar pumps has been fully booked by farmers.
* Optiemus Infracom re-appointed Ashok Gupta as whole-time director for a three-year term starting April 1, 2026.
* Power Mech Projects secured a Rs.371 crore civil works order from Adani Power’s subsidiary.
Technical Summary:
The index opened on a weak note and, despite an initial recovery attempt, failed to sustain above the previous day’s low, drifting lower through the session and closing below the key support level of 24,500. This reflects a cautious sentiment in the near term. On the sectoral front, Consumer Durables was the only index to end in positive territory, while all others closed in the red.
Levels to watch:
The Nifty has its crucial resistance 24600 (Pivot Level) and 24750 (Key Resistance). While support on the downside is placed at 24400 (Pivot Level) and 24250 (Key Support).
What should short term traders expect?
The Index can short below 24500 for the potential target of 24400 with stop loss of 24570 level.
Technical Data Points
NIFTY SPOT: 24541.2 (-0.69%)
TRADING ZONE:
Resistance: 24600 (Pivot Level) and 24750 (Key Resistance).
Support: 24400 (Pivot Level) and 24250 (Key Support).
STRATEGY: Bearish till below 24750 (Key Resistance).
BANK NIFTY SPOT: 53921 (-0.97%)
TRADING ZONE:
Resistance: 54500 (Pivot Level) / 55500 (Key Resistance)
Support: 53500 (Pivot Level) / 53200 (Key Support)
STRATEGY: Bearish below 55500 (Key Resistance)
SEBI Registration number is INH000000081.
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