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Market News:

• Jupiter Wagons: Net profit declined by 1.8% to Rs 103 crore from Rs 105 crore, while revenue fell 6.4% to Rs 1,044 crore compared to Rs 1,115 crore. However, EBITDA rose 3.6% to Rs 153 crore from Rs 147 crore, with EBITDA margin improving to 14.6% from 13.2%.

• Vodafone Idea: The Supreme Court has dismissed the telecom operators’ plea seeking a waiver on adjusted gross revenue (AGR) dues, terming the petition as ‘misconceived.’

• Varun Beverages has acquired a 50% stake in Everest Industrial Lanka for $3.75 million.

Technical Summary:

The index opened on a muted note and gradually drifted lower throughout the session, eventually breaching the key 25,000 mark and the prior day’s low in the second half, indicating profit booking pressure. On the sectoral front, Realty and Capital Market sectors outperformed, while IT and Defence sectors lagged behind.

Levels to watch:

The Nifty has its crucial resistance 25100 (Multiple Touches) and 25250 (Key Resistance). While support on the downside is placed at 24800 (Pivot Level) & 24500 (Key Support).

What should short term traders expect?

The Index can be long if it sustains above 25100 for the potential target of 25250 with stop loss of 25030 level

Technical Data Points

NIFTY SPOT: 24933 (-0.35%)

TRADING ZONE:

Resistance: 25100 (Multiple Touches) and 25250 (Key Resistance)

Support: 24800 (Pivot Level) & 24500 (Key Support).

STRATEGY: Bullish till above 24500 (Key Support).

BANK NIFTY SPOT: 55389 (+0.06%)

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

Support: 55000 (Pivot Level) / 54700 (Key Support).

STRATEGY: Bullish till above 54700 (Key Support).

SEBI Registration number is INH000000081.

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