Index opened weak, tried to retest prior close, faced selling pressure by GEPL Capital
Market News:
* The Supreme Court has allowed the review petition filed by JSW Steel Ltd. and has recalled its earlier judgment in the Bhushan Power and Steel resolution plan case.
* Swiggy, the food delivery and quick-commerce platform, has announced its intention to re-evaluate its stake in Rapido, following the latter’s entry into the food delivery segment.
* Garden Reach Shipbuilders has signed an MoU with Germany-based Reintjes GmbH to incorporate advanced propulsion gear trains into its naval platforms, aiming to enhance technological capabilities.
Technical Summary:
The index opened on a weak note and initially attempted to retest the previous day’s close but faced selling pressure, causing it to drift lower toward the 24,600 mark — testing both the prior day’s low and a key intraday support level. On the sectoral front, Media and FMCG emerged as the top gainers, while Pharma and Healthcare sectors were the major laggards for the day.
Levels to watch:
The Nifty has its crucial resistance 24800 (Pivot Level) and 24950 (Key Resistance). While support on the downside is placed at 24500 (Pivot Level) and 24400 (Key Support).
What should short term traders expect?
The Index can short below 24600 for the potential target of 24500 with stop loss of 24670 level.
Technical Data Points
NIFTY SPOT: 24570 (-0.80%)
TRADING ZONE:
Resistance: 24800 (Pivot Level) and 24950 (Key Resistance).
Support: 24500 (Pivot Level) and 24400 (Key Support).
STRATEGY: Bearish Till Below 24950 (Key Resistance).
BANK NIFTY SPOT: 55636 (-0.58%)
TRADING ZONE:
Resistance: 56500 (Pivot Level) / 57000 (Key Resistance)
Support: 55300 (Pivot Level) / 55000 (Key Support).
STRATEGY: Bearish till below 56500 (Pivot Level)
SEBI Registration number is INH000000081.
Please refer disclaimer at https://geplcapital.com/term-disclaimer
