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Market News:

* Brainbees Solutions’ subsidiary Globalbees Brands has acquired an additional 6.49% stake in HS Fitness, increasing its total shareholding to 86.49%.

* Patel Engineering’s board has approved a rights issue to raise Rs.399 crore to support its funding requirements.

* Coforge has expanded its Quasar AI platform, launching a new suite of AI-driven accelerators to enhance enterprise automation and digital transformation.

Technical Summary:

The index opened on a positive note but gradually drifted lower, forming a sequence of lower tops and lower bottoms. This continuation of the prior day’s weakness highlights the absence of strong bullish momentum and reflects a cautious undertone in the market. On the sectoral front, the PSU Bank index emerged as the top gainer, demonstrating notable relative strength despite broad-market softness. Meanwhile, the Capital Market and Defence sectors were the major laggards, witnessing profit-booking and underperformance throughout the session.

Levels to watch:

The Nifty has its crucial resistance 26200 (Multiple Touches) and 26325 (Key Resistance). While support on the downside is placed at 25900 (Pivot Level) and 25800 (Key Support).

What should short term traders expect?

The Index can buy above 26100 for the potential target of 26200 with stop loss 26030 of level.

Technical Data Points

NIFTY SPOT: 26057 (-0.45%)

TRADING ZONE:

Resistance: 26200 (Multiple Touches) and 26325 (Key Resistance).

Support: 25900 (Pivot Level) and 25800 (Key Support).

STRATEGY: Bullish till above 25800 (Key Support).

BANK NIFTY SPOT: 59348 (-0.56%)

TRADING ZONE:

Resistance: 59600 (Key Resistance) / 60000 (Key Resistance)

Support: 59000 (Pivot Level) / 58700 (Key Support)

STRATEGY: Bullish till above 58700 (Key Support)

SEBI Registration number is INH000000081.

Please refer disclaimer at https://geplcapital.com/term-disclaimer