Resistance: 24450 (Pivot Level) and 24550 (Key Resistance) by GEPL Capital Ltd
Market News:
* RailTel bags a Rs 33.79 crore IRCTC order to provide Infrastructure-as-a-Service (IaaS), with execution scheduled by September 2029.
* Apollo Micro hands over indigenous Safety & Detonation Device (SDD) to the Indian Navy, boost-ing defence indigenisation.
* Lupin receives U.S. FDA approval and launches generic Sugammadex Injection in the U.S. market.
Technical Summary:
The index opened on a muted note and witnessed a gradual upmove during the first half of the session, touching an intraday high of 24,429, before witnessing profit booking in the latter half. On the daily chart, the index formed a Doji candlestick near the 200-DEMA, reflecting indecision at a crucial resistance level. On the sectoral front, Media, Defence, and Auto emerged as the top gainers, while IT and FMCG were the top underperformers for the day.
Levels to watch:
The Nifty has its crucial resistance 24450 (Pivot Level) and 24550 (Key Resistance). While support on the downside is placed at 24250 (Multiple Touches) and 24150 (Key Support).
What should short term traders expect?
The Index Can Long above 24400 for the potential target of 24550 the stop loss of 24330 level.
Technical Data Points NIFTY SPOT:
24366 (0.20%)
TRADING ZONE:
Resistance: 24450 (Pivot Level) and 24550 (Key Resistance).
Support: 24250 (Multiple Touches) and 24150 (Key Support).
STRATEGY: Bullish till above 24150 (Key Support).
BANK NIFTY SPOT:
57216 (0.12%)
TRADING ZONE:
Resistance: 57500 (Pivot Level) and 58000 (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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