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Market News:

* Kirloskar Pneumatic Q1 results Net profit rose 25.6% YoY to Rs 33.4 crore on 7.4% revenue growth to Rs 303 crore, while EBITDA margin expanded 310 bps to 15%.

* Anupam Rasayan aims to achieve revenue of Rs 3,000-4,000 crore and said its debt-to- EBITDA ratio remains comfortable.

* Methane Gas Leak Triggers Explosion At Patel Engineering’s Sikkim Tunnel Project.

Technical Summary:

The index opened on a positive note but gradually drifted lower before witnessing a mild recovery from the day's low. On the daily chart, the index formed a Doji candlestick near the 100-DEMA, indicating indecision at a key support level. A decisive move above 24,250 could trigger renewed buying momentum and pave the way for an advance towards 24,500. On the sectoral front, Realty and Defence emerged as the top gainers, while PSU Bank and IT underperformed during the session.

Levels to watch:

The Nifty has its crucial resistance 24250 (Pivot Level) and 24500 (Key Resistance). While support on the downside is placed at 24150 (Pivot Level) and 24000 (Key Support).

What should short term traders expect?

The Index can LONG above 24250 for the potential target of 24350 AND 24500 the stop loss of 24150 level.

Technical Data Points NIFTY SPOT:

24192 (-0.19%)

TRADING ZONE:

Resistance: 24250 (Pivot Level) and 24500 (Key Resistance).

Support: 24150 (Pivot Level) and 24000 (Key Support).

STRATEGY: Bullish till above 24000 (Key Support). BANK NIFTY SPOT: 57820 (-0.21%)

TRADING ZONE:

Resistance: 58500 (Pivot Level) and 59800 (Key Resistance)

Support: 57500 (Pivot Level) and 57000 (Key Support).

STRATEGY: Bullish till above 57000 (Key Support).

SEBI Registration number is INH000000081.

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