Resistance : 24700 (Pivot Level) and 24800 (Key Resistance) by GEPL Capital Ltd
Market News:
* Ardee’s IPO received bids for 49.52 crore shares against 5.84 crore shares on offer.
* NBCC wins order worth Rs 801.0 Crore.
* RMC Switchgear secured orders aggregating Rs. 344.10 crore.
Technical Summary:
The index opened on a positive note but remained range-bound throughout the trading session, hovering around the 24,630 mark. On the daily timeframe, the index continues to sustain well above its 200-day EMA near the 24,400 level, indicating that the underlying bullish structure remains intact. On the sectoral front, Defence and PSU Bank emerged as the top gainers, while Media and Realty were the leading laggards for the day.
Levels to watch:
The Nifty has its crucial resistance 24700 (Pivot Level) and 24800 (Key Resistance). While support on the downside is placed at 24500 (Multiple Touches) and 24300 (Key Support).
What should short term traders expect?
The Index Can Long above 24700 for the potential target of 24850 the stop loss of 24630 level.
Technical Data Points
NIFTY SPOT: 24636 (0.05%)
TRADING ZONE:
Resistance: 24700 (Pivot Level) and 24800 (Key Resistance).
Support: 24500 (Multiple Touches) and 24300 (Key Support).
STRATEGY: Bullish till above 24300 (Key Support).
BANK NIFTY SPOT: :58063 (0.56%)
TRADING ZONE:
Resistance: 58500 (Pivot Level) and 59000 (Key Resistance)
Support: 57500(Pivot Level) and 56500 (Key Support).
STRATEGY: Bullish till above 56500 (Key Support).
SEBI Registration number is INH000000081.
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