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Market News:

* Larsen & Toubro (L&T) has secured an order valued between Rs.1,000 crore and Rs. 2,500 crore from the Nuclear Power Corporation of India.

*  Adani Enterprises has received a LoA from National Highways Logistics Management Ltd to develop the prestigious ropeway project connecting Sonprayag to Kedarnath.

* TCS has entered into a multi-year partnership with audio-led entertainment firm ARN Media to provide end-to-end technology services and business operations support.

Technical Summary:

The index opened on a positive note and maintained its bullish rhythm, decisively breaching the key hurdle at 25,150 along with the prior swing top, to register a day’s high of 25,255. On the daily scale, the index continues to showcase strong momentum, with the MACD trending upward above the zero line, indicating acceleration in momentum. On the sectoral front, Auto and Private Banks led the gains, while Capital Markets and FMCG sectors emerged as the top losers of the day.

Levels to watch:

The Nifty has its crucial resistance 25350 (Pivot Level) and 25500 (Key Resistance). While support on the downside is placed at 25150 (Pivot Level) and 25050 (Key Support).

What should short term traders expect?

The Index can long above 25250 for the potential target of 25350 with stop loss of 25180 level.

Technical Data Points

NIFTY SPOT: 25255 (0.74%)

TRADING ZONE:

Resistance: 25350 (Pivot Level) and 25500 (Key Resistance).

Support: 25150 (Pivot Level) and 25050 (Key Support).

STRATEGY: Bullish till above 25050 (Key Support).

BANK NIFTY SPOT: 55166 (0.51%)

TRADING ZONE:

Resistance: 55500 (Pivot Level) / 55800 (Key Resistance)

Support: 54800 (Pivot Level) / 54300 (Key Support)

STRATEGY: Bullish till above 54800 (Pivot Level)

SEBI Registration number is INH000000081.

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