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Market News:

• Vikram Solar Bags Order For 187 MW N-Type G12R Modules

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Technical Summary:

The index opened on a positive note and witnessed a strong upward move during the first half of the session, forming a higher-high and higher-low structure while sustaining above the 23,000 mark, indicating strong bullish momentum. However, profit booking at higher levels in the second half of the session dragged the index below the 23,000 level, erasing some of its intraday gains. On the daily chart, the index formed a large bullish candle, reflecting strong buying interest despite late-session profit booking. On the sectoral front, Private Banks and IT emerged as the top-performing sectors, demonstrating relative strength and outperforming the broader market. Conversely, PSU Banks and Media underperformed, reflecting relative weakness.

Levels to watch:

The Nifty has its crucial resistance 23080 (Pivot Level) and 23500 (Key Resistance). While support on the downside is placed at 22800 (Multiple Touches) and 22500 (Key Support).

What should short term traders expect?

The Index can be Long above 23080 for the potential target of 23500 the stop loss of 22800 Level.

Technical Data Points

NIFTY SPOT: 22997.35 (+1.66%)

TRADING ZONE:

Resistance: 23080 (Pivot Level) and 23500 (Key Resistance)

Support: 22800(Multiple Touches) and 22500 (Key Support).

STRATEGY: BULLISH till above 22800 (Multiple Touches)

BANK NIFTY SPOT: 55810.50 (+0.89%)

TRADING ZONE:

Resistance: 56100 (Pivot Level) and 56700 (Key Resistance)

Support: 55200 (Pivot Level) and 54700 (Key Support).

STRATEGY: BULLISH till above 55200 (Pivot Level)

SEBI Registration number is INH000000081.

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