Index Opens Weak, Trades Below Key Moving Averages - GEPL Capital Ltd
Market News:
* RBL Bank Board Approves Raising up To $1 Billion Via Euro MTN Programme
* Maruti Suzuki To Hike Prices By Up To Rs 20,000 From September 2026.
* Zydus Lifesciences US Unit Agrees $5.9 Million Settlement
Technical Summary:
The index opened on a weak note, slipping below the previous day’s low of the shooting star candlestick, and continued to trade below its key moving averages. The formation of lower tops and lower bottoms further indicates a cautious near-term outlook. On the sectoral front, Capital Market and Healthcare were the top gainers, while Media and IT emerged as the major laggards for the day
Levels to watch:
The Nifty has its crucial resistance 23900 (Pivot Level) and 24150 (Key Resistance). While support on the downside is placed at 23600 (Multiple Touches) and 23500 (Key Support).
What should short term traders expect?
The Index Can Short below 23700 for the potential target of 23600 the stop loss of 23770 level.
Technical Data Points
NIFTY SPOT: 23779 (-0.50%)
TRADING ZONE:
Resistance: 23900 (Pivot Level) and 24150 (Key Resistance).
Support: 23600 (Multiple Touches) and 23500 (Key Support).
STRATEGY: BEARISH TILL BELOW 24150 (Key Resistance)
BANK NIFTY SPOT: 57088 (-0.49%)
TRADING ZONE:
Resistance: 57800 (Pivot Level) and 58500 (Key Resistance)
Support: 56800 (Pivot Level) and 56500 (Key Support).
STRATEGY: BEARISH TILL BELOW 57800 (Pivot Level)
SEBI Registration number is INH000000081.
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