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Market News:

* Oil refining stocks may attract investor interest as oil prices rebound in the Asian session amid persistent Israel-Iran tensions.

* CG Power and Industrial Solutions secured a 765kV transformer package order (7TR-12-Bulk) from Power Grid Corporation of India.

* PNG Jewellers enters the high-growth lightweight jewellery segment with its new brand Lifestyle.

Technical Summary:

The index opened on a weak note and failed to sustain above the previous day’s high, drifting lower throughout the session to close below the key support level of 24,850—indicating cautious sentiment in the near term. On the sectoral front, IT and Defence outperformed, while Pharma and Healthcare were the major underperformers of the day

Levels to watch:

The Nifty has its crucial resistance 24950 (Pivot Level) and 25100 (Key Resistance). While support on the downside is placed at 24700 (Pivot Level) and 24600 (Key Support).

What should short term traders expect?

The Index can be long if it sustains above 24850 for the potential target of 24950 & 25100 with stop loss of 24780 level.

Technical Data Points

NIFTY SPOT: 24838 (-0.43%)

TRADING ZONE:

Resistance: 24950 (Pivot Level) and 25100 (Key Resistance)

Support: 24700 (Pivot Level) and 24600 (Key Support).

STRATEGY: Bullish till above 24600 (Key Support).

BANK NIFTY SPOT: 55661 (-0.50%)

TRADING ZONE:

Resistance: 56000 (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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