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Market News:

• RailTel secures a Rs 131.88 Cr LOA from the Directorate of Postal Life Insurance for a 5-year IMS system integration project.

• Blue Dart Express launches International Parcel Connect, a B2C cross-border shipping service targeting ecommerce businesses.

• Sun Pharma Q2FY27 revenue rose 11.9% to Rs 16,199 Cr, while EBITDA margin declined 200 bps to 29.3% YoY

Technical Summary:

The index opened on a positive note and found support near the crucial 22,900 level, before witnessing a strong recovery and maintaining a higher-high, higher-low formation throughout the session. The rally gained momentum in the afternoon, pushing the index to an intraday high of 23,118, and in the second half we witnessed profit booking and it eventually closed near 23000 level, indicating bullish momentum. On the daily chart, the index formed a bullish candlestick pattern with a higher high higher low formation, signalling a positive undertone of the market sentiment. Among sectors, IT and PHARMA outperformed, while Consumer Durables and Media 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 stop-loss 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: 23053.10 (+0.51%)

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: 54686.95 (-0.41%)

TRADING ZONE:

Resistance: 55500 (Pivot Level) and 56100 (Key Resistance)

Support: 54500 (Pivot Level) and 53700 (Key Support).

STRATEGY: BULLISH till above 54500 (Pivot Level)

SEBI Registration number is INH000000081.

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