Market Wrap: Nifty Slips Below 24,000; IT Stocks Drag, Traders Turn Cautious by GEPL Capital Ltd
Market News:
• Zensar Tech’s Q4 showed modest growth with profit up 5% QoQ to Rs 210.6 crore and revenue rising 1.4% to Rs 1,450.4 crore, but operating performance weakened with EBIT declining 7% to Rs 212.9 crore.
• Shriram Finance’s Q4 saw total income rise 9.4% YoY to Rs 12,532 crore, while NII beat estimates at Rs 6,994 crore, though AUM came in slightly below expectations at Rs 3.02 lakh crore.
• Adani Green Energy’s Q4 saw revenue rise 14% YoY to Rs 3,502 crore, with EBITDA up 20% to Rs 2,882 crore and margins expanding to 82.3% from 78.2%.
Technical Summary:
The NIFTY 50 opened on a weak note and continued to drift lower throughout the session, closing near the day’s low. The index breached the key support level of 24,000 and slipped below its 20 DEMA, indicating a shift in nearterm sentiment toward caution. On the sectoral front, IT and media emerged as the top underperformers for the day
Levels to watch:
The Nifty has its crucial resistance 24000 (Pivot Level) and 24200 (Key Resistance). While support on the downside is placed at 23650 (Multiple Touches) and 23500 (Key Support).
What should short term traders expect?
The Index can SHORT below 23850 for the potential target of 23700 the stop loss of 23930 level
Technical Data Points
NIFTY SPOT: 23904 (-1.11%)
TRADING ZONE:
Resistance: 24000 (Pivot Level) and 24200 (Key Resistance)
Support: 23650 (Multiple Touches) and 23500 (Key Support).
STRATEGY: Bearish till Below 24200 (Key Resistance)
BANK NIFTY SPOT: 56097 (-0.37%)
TRADING ZONE:
Resistance: 56500 (Pivot Level) / 57000 (Key Resistance)
Support: 55500 (Pivot Level) / 55000 (Key Support)
STRATEGY: Bearish till Below 57000 (Key Resistance)
SEBI Registration number is INH000000081.
Please refer disclaimer at https://geplcapital.com/term-disclaimer
