Resistance : 24150 (Pivot Level) and 24300 (Key Resistance) by GEPL Capital Ltd
Market News:
* Apollo Micro Systems Gets Indian Navy Order To Develop Autonomous Vessel.
* SRF’s Q1 profit jumped 76% YoY, driven by 32% revenue growth and stronger margins.
* Paras Defence Unit Signs Pact For Rs 6,200 Crore Semiconductor Project In Madhya Pradesh.
Technical Summary:
The index opened on a weak note amid escalating US-Iran geopolitical tensions, which pushed crude oil prices higher, weighing on overall market sentiment. The index closed below the 100-DEMA and settled near the 50- DEMA, reflecting a cautious undertone and highlighting the importance of these support levels. On the sectoral front, FMCG and Auto managed to post modest gains, while Realty and Media emerged as the top underperformers during the session.
Levels to watch:
The Nifty has its crucial resistance 24150 (Pivot Level) and 24300 (Key Resistance). While support on the downside is placed at 23900 (Pivot Level) and 23800 (Key Support).
What should short term traders expect?
The Index can LONG above 24150 for the potential target of 24300 the stop loss of 24050 level.
Technical Data Points NIFTY SPOT :
23990 (-0.81%)
TRADING ZONE:
Resistance: 24150 (Pivot Level) and 24300 (Key Resistance).
Support: 23900 (Pivot Level) and 23800 (Key Support).
STRATEGY: Bullish till above 23800 (Key Support).
BANK NIFTY SPOT: 57122 (-1.23%)
TRADING ZONE:
Resistance: 58000 (Pivot Level) and 58500 (Key Resistance)
Support: 56500 (Pivot Level) and 56000 (Key Support).
STRATEGY: Bullish till above 56000 (Key Support).
SEBI Registration number is INH000000081.
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