Index Slides Under Selling Pressure - GEPL Capital Ltd
Market News:
* Jindal Worldwide To Raise Up To Rs 650 Crore; Appoints Amit Yamunadutt Agarwal As VC & MD
* The Delhi High Court stayed the FSSAI’s Aug. 3 order barring Dabur from using “100% pure” and “100% natural” claims on food products until the next hearing.
* L&T Gets ONGC Offshore Orders Worth Rs 5,000-10,000 Crore.
Technical Summary:
The index opened on a weak note and remained under selling pressure throughout the trading session, drifting lower as the day progressed. On the daily timeframe, the index formed a long upper-wick candlestick, indicating selling pressure at higher levels and a lack of follow-through buying. On the sectoral front, Auto and PSU Bank emerged as the top gainers, while Financial Services was the leading underperforming sector for the day.
Levels to watch:
The Nifty has its crucial resistance 24650 (Pivot Level) and 24800 (Key Resistance).
While support on the downside is placed at 24400 (Multiple Touches) and 24300 (Key Support).
What should short term traders expect?
The Index Can Long above 24650 for the potential target of 24750 the stop loss of 24580 level.
Technical Data Points
NIFTY SPOT: 24570 (-0.27%)
TRADING ZONE:
Resistance: 24650 (Pivot Level) and 24800 (Key Resistance).
Support: 24400 (Multiple Touches) and 24300 (Key Support).
STRATEGY: Bullish till above 24300 (Key Support).
BANK NIFTY SPOT: :57746 (-0.55%)
TRADING ZONE:
Resistance: 58500 (Pivot Level) and 59000 (Key Resistance)
Support: 57300(Pivot Level) and 56500 (Key Support).
STRATEGY: Bullish till above 56500 (Key Support).
SEBI Registration number is INH000000081.
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