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Market News:

* Wockhardt Pharma has received USFDA approval for its New Drug Application (NDA) for Zaynich, its newly developed antibiotic.

* The company dispatched 3,600 tonnes of liquid coal tar pitch from its terminal at New Mangalore Port.

* Uno Minda will invest Rs.40 crore to acquire Buehler’s 49.9% stake in its EV systems arm, taking full ownership and ending the JV.

Technical Summary:

The index opened on a gap-up note, marking a new all-time high at 26,325, but soon witnessed profit-booking, causing it to drift below the prior day’s close. Despite the intraday weakness, the index continues to trade above the 5-DEMA and 12-DEMA, indicating that the broader sentiment remains positive. On the sectoral front, Auto and Metal sectors emerged as the top gainers, while Realty and Healthcare witnessed notable selling pressure and ended as the day’s top losers.

Levels to watch:

The Nifty has its crucial resistance 26277 (Multiple Touches) and 26400 (Key Resistance). While support on the downside is placed at 26000 (Pivot Level) and 25900 (Key Support).

What should short term traders expect?

The Index can buy above 26200 for the potential target of 26325 with stop loss 26130 of level.

Technical Data Points

NIFTY SPOT: 26184 (-0.07%)

TRADING ZONE:

Resistance: 26277 (Multiple Touches) and 26400 (Key Resistance).

Support: 26000 (Pivot Level) and 25900 (Key Support).

STRATEGY: Bullish till above 25900 (Pivot Level).

BANK NIFTY SPOT: 59700 (-0.09%)

TRADING ZONE:

Resistance: 60000 (Key Resistance) / 60450 (Key Resistance)

Support: 59300 (Pivot Level) / 59000 (Key Support)

STRATEGY: Bullish till above 59000 (Key Support)

SEBI Registration number is INH000000081.

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