Nifty Forms Four-Day Higher Lows, Eyes 24,000 - GEPL Capital Ltd
Market News:
* Marine Electricals expands Goa capacity for data centre powertrain and port shore conversion systems.
* GK Energy secures a 150 MW/300 MWh BESS project in Maharashtra at Rs 2.38 lakh/MW/month tariff.
* IIFL Finance Allots NCDs Worth Rs 130 Crore.
Technical Summary:
The index has formed higher lows for four consecutive sessions, indicating improving near-term price structure. Immediate resistance is placed at 23,600, and a sustained move above this level could propel the index towards the 24,000 mark. On the sectoral front, Pharma and Realty emerged as the top gainers, while Capital Market and Metal were the major laggards for the day.
Levels to watch:
The Nifty has its crucial resistance 23600 (Pivot Level) and 23800 (Key Resistance). While support on the downside is placed at 23150 (Multiple Touches) and 23000 (Key Support).
What should short term traders expect?
The Index Can Short below 23300 for the potential target of 23100 the stop loss of 23380 level.
Technical Data Points
NIFTY SPOT: 23414 (0.29%)
TRADING ZONE:
Resistance: 23600 (Pivot Level) and 23800 (Key Resistance)
Support: 23150 (Multiple Touches) and 23000 (Key Support).
STRATEGY: BEARISH TILL BELOW 23800 (Key Resistance)
BANK NIFTY SPOT: 56470 (0.20%)
TRADING ZONE:
Resistance: 57000 (Pivot Level) and 57500(Key Resistance)
Support: 56000 (Pivot Level) and 55500 (Key Support).
STRATEGY: BEARISH TILL BELOW 57000 (Pivot Level)
SEBI Registration number is INH000000081.
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