Index Opens Gap-Down, Tests Key 23800 Support Level by GEPL Capital Ltd
Market News:
* Shakti Pumps won a Rs.142.55 Cr off-grid solar water pumping systems order.
* GE Shipping took delivery of 81,094 DWT Kamsarmax vessel “Jag Abhishek” (contracted in Q4 FY26).
* Railtel new order worth INR 13.84 Cr.
Technical Summary:
The index opened on a gap-down note amid heightened geopolitical tensions and tested the crucial 23,800 support level. In the second half of the session, the index witnessed a recovery toward the prior day’s low; however, it failed to sustain at higher levels, indicating cautious market sentiment. On the daily scale, the index closed near its 20-DEMA, suggesting that the near-term trend remains at a crucial juncture. On the sectoral front, Metal and PSU Bank indices emerged as the top losers for the day, while most major sectors continued to witness subdued sentiment.
Levels to watch:
The Nifty has its crucial resistance 24200(Pivot Level) and 24300 (Key Resistance). While support on the downside is placed at 23800 (Multiple Touches) and 23700 (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: 24044 (-0.55%)
TRADING ZONE:
Resistance: 24200(Pivot Level) and 24300 (Key Resistance).
Support: 23800 (Multiple Touches) and 23700 (Key Support).
STRATEGY: Bearish till Below 24300 (Key Resistance)
BANK NIFTY SPOT: 55003 (-0.55%)
TRADING ZONE:
Resistance: 55800 (Pivot Level) / 57000 (Key Resistance)
Support: 54200 (Pivot Level) / 53500(Key Support)
STRATEGY: Bearish till Below 57000(Key Resistance)
SEBI Registration number is INH000000081.
Please refer disclaimer at https://geplcapital.com/term-disclaimer
