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Market News:

* Morepen Laboratories has expanded its portfolio with the launch of four new products: Ticapen, UdoFix, LycoMore, and Acifix.

* Indian Railways has revised Ircon International’s contract value for tunnel systems from Rs.144 Cr to Rs.203 Cr.

* Lupin has received US FDA approval for Tolvaptan Tablets, used to slow kidney function decline in adults with specific kidney diseases.

Technical Summary:

The index opened on a muted note, and the April F&O monthly expiry exhibited a sideways to bearish trend throughout the session, ending near the day’s low. On the daily chart, the index has shown signs of exhaustion for the third consecutive day. The zone between 24,000 and 23,800 is expected to act as a strong support base. On the sectoral front, pharma and healthcare emerged as the top gainers, while realty and FMCG were the major laggards of the day.

Levels to watch:

The Nifty has its crucial resistance 24400 (Multiple Touches) and 24500 (Key Resistance). While support on the downside is placed at 24200 (Pivot Level) & 24000 (Key Support).

What should short term traders expect?

The Index can be long if it sustains above 24300 for the potential target of 24400 with stop loss of 24230 level.

Technical Data Points

NIFTY SPOT: 24244 (-0.35%)

TRADING ZONE

Resistance: 24400 (Multiple Touches) and 24500 (Key Resistance).

Support: 24200 (Pivot Level) & 24000 (Key Support).

STRATEGY: Bullish till above 24000 (Key Support)

BANK NIFTY SPOT: 55129 (-0.35%)

TRADING ZONE:

Resistance: 55800 (Multiple Touches) / 56500 (Key Resistance)

Support: 54700 (Pivot Level) / 54500 (Key Support).

STRATEGY: Bullish till above 54500 (Key Support).

SEBI Registration number is INH000000081.

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