Nifty Forms Doji Amid Rangebound Trade at Higher Levels - GEPL Capital Ltd
Market News:
* RVNL Gets Rs 161 Crore Order from East Coast Railway.
* Brigade Enterprises Signs Lease Deal With HealthEdge For 1.62 Lk Sq Ft
* Shankesh Jewellers IPO Subscribed 1.72x On Last Day; QIBs At 1.03x.
Technical Summary:
The index opened on a gap-up note but remained rangebound throughout the session, resulting in the formation of a Doji candlestick on the daily scale, reflecting indecision at higher levels. Interestingly, after 12 consecutive trading sessions of forming lower highs, the index closed above the previous day’s high for the first time, indicating an early sign of improvement in short-term price structure. On the sectoral front, Media and Realty emerged as the top gainers, while Chemical and Defence were the major underperformers for the day.
Levels to watch:
The Nifty has its crucial resistance 24300 (Pivot Level) and 24450 (Key Resistance). While support on the downside is placed at 24000 (Multiple Touches) and 23900 (Key Support).
What should short term traders expect?
The Index Can Short below 24180 for the potential target of 24000 the stop loss of 24250 level.
Technical Data Points
NIFTY SPOT: 24231 (0.64%)
TRADING ZONE:
Resistance: 24300 (Pivot Level) and 24450 (Key Resistance)
Support: 24000 (Multiple Touches) and 23900 (Key Support).
STRATEGY: BEARISH TILL BELOW 24300 (Pivot Level)
BANK NIFTY SPOT: 57495 (0.45%)
TRADING ZONE:
Resistance: 57700 (Pivot Level) and 58300 (Key Resistance)
Support: 57000 (Pivot Level) and 56500 (Key Support).
STRATEGY: Bullish till above 56500 (Key Support).
SEBI Registration number is INH000000081.
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