The Index can long above 24140 for the potential target of 24550 the stop loss of 24000 level - GEPL Capital Ltd
Market News:
• Bosch Home Comfort’s promoters divested a 7.7% stake in the company through an Offer for Sale (OFS).
• Bharat Dynamics secured an order worth Rs 1,347 crore from Hindustan Aeronautics Limited (HAL).
• Adani Power is executing a capital expenditure program of over Rs 2 lakh crore to expand its generation capacity.
Technical Summary:
The index commenced the session on a subdued note and initially witnessed some consolidation. However, after finding strong support near its 50-Day Exponential Moving Average (EMA), buying interest emerged, enabling the index to gradually move higher throughout the trading session. The upward momentum remained intact as the index advanced towards its 100-Day EMA, which is currently placed around the 24,140 level, indicating an improvement in near-term market sentiment. On the daily chart, the index formed a Piercing Line candlestick pattern, a bullish reversal formation that often signals a potential recovery following recent weakness. This pattern reflects renewed buying interest at lower levels and suggests that market participants are becoming more confident about the sustainability of the ongoing rebound. On the sectoral front, Realty and IT stocks outperformed the broader market and emerged as the key drivers of the day’s gains, supported by strong buying interest. In contrast, Auto and Metal stocks witnessed profit booking and underperformed relative to the benchmark indices, acting as major laggards during the session.
Levels to watch:
The Nifty has its crucial resistance 24140 (100 Day EMA) and 24250 (Key Resistance).
While support on the downside is placed at 23800 (50 Day EMA) and 23600 (Key Support).
What should short term traders expect?
The Index can long above 24140 for the potential target of 24550 the stop loss of 24000 level.
Technical Data Points
NIFTY SPOT: 24021 (+0.83%
TRADING ZONE:
Resistance: 24140 (100 Day EMA) and 24250 (Key Resistance)
Support: 23800 (50 Day EMA) and 23600 (Key Support).
STRATEGY: Bullish till above 23600 (Key Support).
BANK NIFTY SPOT: 58150 (+1.69%)
TRADING ZONE:
Resistance: 58800 (Pivot Level) and 59300 (Key Resistance)
Support: 57500 (Pivot Level) and 57000 (Key Support).
STRATEGY: Bullish till above 57000 (Key Support).
SEBI Registration number is INH000000081.
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