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Market News:

* Brigade Enterprises said its board has approved the withdrawal of the proposed preferential issue of warrants to members of the promoter group.

* RVNL has signed an MoU with the Government of Goa for cooperation in the development and implementation of infrastructure projects in the State of Goa.

* PTC Industries Receives Airframe System Order From BrahMos Aerospace

Technical Summary:

The index opened on a positive note and confirmed a breakout from the six-day inside bar pattern, signalling a range expansion and a revival in bullish momentum. The index also managed to close above the key 100-DEMA, reinforcing the positive short-term trend. On the sectoral front, Private Bank and IT were the primary contributors to the market’s strength, supported by their significant weightage in the Nifty 50 index. In contrast, the Pharma and Healthcare indices witnessed profit booking after their recent outperformance.

Levels to watch:

The Nifty has its crucial resistance 24450 (Pivot Level) and 24550 (Key Resistance).

While support on the downside is placed at 24200 (Pivot Level) and 24050 (Key Support).

What should short term traders expect?

The Index can LONG above 24400 for the potential target of 24500 the stop loss of 24330 level.

Technical Data Points

NIFTY SPOT: 24346 (1.14%)

TRADING ZONE:

Resistance: 24450 (Pivot Level) and 24550 (Key Resistance)

Support: 24200 (Pivot Level) and 24050 (Key Support).

STRATEGY: Bullish till above 24050 (Key Support).

BANK NIFTY SPOT: 58565 (1.17%)

TRADING ZONE:

Resistance: 59000 (Pivot Level) and 59800 (Key Resistance)

Support: 58000 (Pivot Level) and 57500 (Key Support).

STRATEGY: Bullish till above 57500 (Key Support).

SEBI Registration number is INH000000081.

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