Nifty Opens Higher, Remains Range-Bound in Early Trade - GEPL Capital Ltd
Market News:
* Hindustan Zinc OFS In Two Weeks; Govt Eyes Rs 5,000 Crore From Stake Sale.
* Ratnamani Metals’ subsidiary secured export orders worth Rs 2,700 crore to supply spools and hangers.
* Garden Reach Plans Rs 2,670 Crore Capacity Expansion at the Raichak and Khidderpore
Technical Summary:
The index opened on a positive note, supported by favourable global cues, and remained range- bound during the first hour of trade. However, profit booking emerged in the second half, dragging the Nifty to an intraday low of 24,144. The index recovered towards the close and managed to settle above the crucial 24,200 level. On the daily chart, the Nifty continues to hold above its 50- and 100-DEMA, placed at 24,190 and 24,205, respectively, indicating a positive underlying trend. Sector-wise, Metal and Realty were the top gainers, while PSU Bank and Cement emerged as the major underperformers.
Levels to watch:
The Nifty has its crucial resistance 24375 (200 DEMA) and 24775 (Swing High). While support on the downside is placed at 24190 (50 DEMA) and 24025 (Swing Low).
What should short term traders expect?
The Index Can Short below 24025 for the potential target of 23600 the stop loss of 24210 level.
Technical Data Points
NIFTY SPOT: 24219 (-0.14%)
TRADING ZONE:
Resistance: 24375 (200 DEMA) and 24775 (Swing High)
Support: 24190 (50 DEMA) and 24025 (Swing Low).
STRATEGY: Bearish below 24025 (Swing Low)
BANK NIFTY SPOT: 57525 (0.41%)
TRADING ZONE:
Resistance: 58000 (Swing High) and 58250 (Key Resistance)
Support: 57000 (Key Support) and 56500 (50 Week EMA).
STRATEGY: Bullish till above 56500 (50 Week EMA).
SEBI Registration number is INH000000081.
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