IGI Logo

Market News:

• H.G. Infra Gets Relief As Bengaluru Tax Department Withdraws Rs 94 Crore Demand.

• Max Estates Reports Rs 2,100 Crore Pre-Sales In Q2.

• Shakti Pumps Bags Rs 112.2 Crore Order From MSEDCL For Solar Pumping Systems.

Technical Summary:

The index opened on a muted note but witnessed a gradual recovery towards 22,700. On the daily scale, the index has shown some recovery from the 22,180 support and formed higher highs and higher lows for three consecutive sessions. However, a breakdown below 22,500 could lead to a continuation of the prevailing weak trend. On the sectoral front, Capital Market and Chemicals were the top gainers, while IT and CPSE remained the top underperformers.

Levels to watch:

The Nifty has its crucial resistance 22800 (Pivot Level) and 23000 (Key Resistance). While support on the downside is placed at 22500(Multiple Touches) and 22180 (Key Support).

What should short term traders expect?

The Index Can Short below 22500 for the potential target of 22180 the stop loss of 22570 level.

Technical Data Points

NIFTY SPOT: 22776 (+0.98%)

TRADING ZONE:

Resistance: 22800 (Pivot Level) and 23000 (Key Resistance).

Support: 22500(Multiple Touches) and 22180 (Key Support).

STRATEGY: BEARISH TILL BELOW 23000 (Key Resistance)

BANK NIFTY SPOT: 55128(+0.76%)

TRADING ZONE: Resistance: 55600 (Pivot Level) and 56000 (Key Resistance)

Support: 54500 (Pivot Level) and 53700 (Key Support).

STRATEGY: BEARISH TILL BELOW 55600 (Pivot Level)

SEBI Registration number is INH000000081.

Please refer disclaimer at https://geplcapital.com/term-disclaimerg