Index recovers from lows, touches 24,358 intraday high by GEPL Capital Ltd
Market News:
* Bajaj Finance has raised Rs 2,004 crore via bonds on a private placement basis.
* Apollo Micro Systems received a government license to manufacture ammunition at its Hyderabad facilities.
* Cryogenic OGS Limited received a Rs.2.13 crore (ex-GST) LOI from Emerson Measurement Systems and Solutions India Pvt. Ltd.
Technical Summary:
The index opened on a muted note but gradually recovered from the prior day’s low, inching towards the 24,350 mark and registering an intraday high of 24,358. During the first half of the session, the index remained rangebound, oscillating within a narrow band of 24,250–24,300. Market sentiment stayed positive as the index continued to hold above its 50-DEMA, indicating underlying strength. On the sectoral front, capital market and FMCG stocks emerged as the top gainers, while no major sector exhibited significant weakness.
Levels to watch:
The Nifty has its crucial resistance 24400 (Pivot Level) and 24500 (Key Resistance). While support on the downside is placed at 24100 (Multiple Touches) and 23900 (Key Support).
What should short term traders expect?
The Index can LONG above 24400 for the potential target of 24500 the stop loss of 24330 level.
Technical Data Points
NIFTY SPOT: 24370 (0.72%)
TRADING ZONE:
Resistance: 24400 (Pivot Level) and 24500 (Key Resistance)
Support: 24000 (Multiple Touches) and 23900 (Key Support).
STRATEGY: Bullish Till above 23900 (Key Support).
BANK NIFTY SPOT: 56625 (0.96%)
TRADING ZONE:
Resistance: 57000 (Pivot Level) / 57800 (Key Resistance)
Support: 55800 (Pivot Level) / 55000 (Key Support)
STRATEGY: Bullish Till above 55000 (Key Support).
SEBI Registration number is INH000000081.
Please refer disclaimer at https://geplcapital.com/term-disclaimer
