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Market News:

* GPT Infraprojects Declared Lowest Bidder for Rs 484 Crore RVNL Project

* IIFL Finance To Allot NCDs Worth Rs 350 Crore On Private Placement Basis.

* EMS receives award for order worth Rs 219 Cr.

Technical Summary:

The index opened on a gap-down note and witnessed a gradual recovery during the session; however, the overall sentiment remained weak as the index continued to sustain below its key short-, medium-, and long-term moving averages, indicating continued caution in the near term. On the sectoral front, CPSE and Energy witnessed marginal recovery, while Auto and Media remained the top underperforming sectors for the day.

Levels to watch:

The Nifty has its crucial resistance 24050 (Pivot Level) and 24200(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 23800 for the potential target of 23700 the stop loss of 23870 level.

Technical Data Points

NIFTY SPOT: 23914 (-0.59%)

TRADING ZONE:

Resistance: 24050 (Pivot Level) and 24200(Key Resistance)

Support: 23800 (Multiple Touches) and 23700 (Key Support).

STRATEGY: BEARISH TILL BELOW 24200 (Key Resistance)

BANK NIFTY SPOT: 57172 (-0.41%)

TRADING ZONE:

Resistance: 57500 (Pivot Level) and 58100 (Key Resistance)

Support: 56800 (Pivot Level) and 56500 (Key Support).

STRATEGY: BEARISH TILL BELOW 57500 (Pivot Level)

SEBI Registration number is INH000000081.

Please refer disclaimer at https://geplcapital.com/term-disclaimerg