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Market News:

• ABB India Ltd. faces a Rs 1.38 crore tax penalty and plans to take appropriate action.

• India approves Rs 63,000 crore deal to buy 26 Rafale Marine jets from France for the Navy.

• Epack Durables to invest Rs 50 crore to expand washing machine production capacity.

Technical Summary:

The index opened with a gap-down today and traded within a narrow range, hovering around the 22,400 mark throughout the session. Looking ahead, the 22,000–22,200 zone is expected to act as a key support area, while the 22,500–22,800 range will likely serve as a crucial resistance zone. On the sectoral front, Nifty FMCG and Nifty Consumption outperformed and emerged as the top gainers of the day. In contrast, Nifty IT and Nifty Metal were the major underperformers, dragging the market sentiment.

Levels to watch:

The Nifty has its crucial resistance 22500 (Multiple Touches) and 22800 (Key Resistance). While support on the downside is placed at 22300 (Pivot Level) & 22200 (Key Support).

What should short term traders expect?

The Index can be long if it breaches above 22500 for the potential target of 22600 with stop loss of 22430 level.

Technical Data Points

NIFTY SPOT: 22420 (-0.51%

TRADING ZONE:

Resistance: 22500 (Multiple Touches) and 22800 (Key Resistance).

Support: 22300 (Pivot Level) & 22200 (Key Resistance).

STRATEGY: Bearish till below 22800 (Multiple Touches)

BANK NIFTY SPOT: 50283 (-0.45%)

TRADING ZONE:

Resistance: 51000 (Multiple Touches) / 51800 (Key Resistance)

Support: 49800 (Pivot Level) / 49500 (Key Support).

STRATEGY: Bearish till below 51000 (Multiple Touches)

SEBI Registration number is INH000000081.

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