Resistance : 24800 (Pivot Level) and 24900 (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, boosting 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 gap-up note and traded in positive territory during the first half of the session before witnessing gradual profit booking in the latter half. On the daily chart, the index closed above the 200-DEMA, reflecting an improvement in near-term sentiment and maintaining a positive bias. On the sectoral front, IT and Tourism emerged as the top gainers, while Media and Capital Market indices were the top underperformers for the day.
Levels to watch:
The Nifty has its crucial resistance 24800 (Pivot Level) and 24900 (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:
24660 (0.85%)
TRADING ZONE:
Resistance: 24800 (Pivot Level) and 24900 (Key Resistance).
Support: 24500 (Multiple Touches) and 24300 (Key Support).
STRATEGY: Bullish till above 24300 (Key Support).
BANK NIFTY SPOT:
57880 (0.79%)
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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