Index Recovers from 22,500 Support, Maintains Bullish Trend - GEPL Capital
Market News:
• Suzlon Energy Q2 FY27 (YoY) Net profit declined 69.2% to Rs 394 crore from Rs 1,279 crore, while revenue increased 25.9% to Rs 4,875 crore from Rs 3,871 crore.
• Godrej Consumer Products Q2 FY27 (YoY) Net profit increased 13.9% to Rs 523 crore from Rs 459 crore, while revenue grew 19% to Rs 4,413 crore from Rs 3,708 crore.
• PN Gadgil Jewellers Q2 FY27 (YoY) Net profit surged 53.2% to Rs 121 crore from Rs 79 crore, while revenue grew 22.4% to Rs 2,666 crore from Rs 2,178 crore.
Technical Summary:
The index opened on a flat note and found support near the crucial 22,500 level, before witnessing a strong recovery and maintaining a higher-high, higher-low formation throughout the session. The rally gained momentum in the final hour, pushing the index to an intraday high of 22,961, and it eventually closed near the day’s high, indicating strong bullish momentum. On the daily chart, the index formed a bullish candlestick pattern and broke out of the four-day consolidation range, signalling a positive shift in market sentiment. Among sectors, Realty and FMCG outperformed, while Auto and Cement emerged as the major underperformers. Going forward, 23,180 will act as the immediate resistance, while 22,800 remains the crucial support level. As long as the index sustains above 22,800, the short-term trend is likely to remain positive, and dips may offer buying opportunities with a strict stoploss at 22,800.
Levels to watch:
The Nifty has its crucial resistance 23180 (Pivot Level) and 23350 (Key Resistance). While support on the downside is placed at 22800 (Pivot Level) and 22500 (Key Support).
What should short term traders expect?
The Index can be Long till it sustains above 22800 for the potential target of 23180 the stop loss of 22800 Level.
Technical Data Points
NIFTY SPOT: 22936.75 (+1.05%)
TRADING ZONE:
Resistance: 23180 (Pivot Level) and 23350 (Key Resistance)
Support: 22800 (Pivot Level) and 22500 (Key Support).
STRATEGY: BULLISH till above 22800 (Pivot Level)
BANK NIFTY SPOT: 54909.65 (+1.18%)
TRADING ZONE:
Resistance: 55500 (Pivot Level) and 56100 (Key Resistance)
Support: 54700 (Pivot Level) and 53700 (Key Support).
STRATEGY: BULLISH till above 54700 (Pivot Level)
SEBI Registration number is INH000000081.
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