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Market News:

* IndusInd Bank has appointed Viral Damania as its Chief Financial Officer (CFO), while Santosh Kumar will continue to serve as Deputy CFO.

* Zaggle Prepaid Ocean Services Ltd. has entered into an agreement with AU Small Finance Bank to launch co-branded retail and commercial credit cards.

* Coromandel International will establish a technical Mono Ammonium Phosphate (MAP) plant in Visakhapatnam.

Technical Summary:

The index opened on a gap-down note and, despite a brief attempt, failed to sustain above the prior day’s close, remaining range-bound for most of the session. In the second half, it drifted lower, breaking key support at 25,200 and marking a day’s low of 25,151. On the daily scale, the index has now formed three consecutive bearish candles. Sector-wise, defence and metals outperformed, while pharma and healthcare lagged.

Levels to watch:

The Nifty has its crucial resistance 25300 (Pivot Level) and 25400 (Key Resistance). While support on the downside is placed at 25100 (Pivot Level) and 25000 (Key Support).

What should short term traders expect?

The Index can long above 25300 for the potential target of 25400 with stop loss of 25230 level.

Technical Data Points

NIFTY SPOT: 25201 (-0.50%)

TRADING ZONE:

Resistance: 25300 (Pivot Level) and 25400 (Key Resistance).

Support: 25100 (Pivot Level) and 25000 (Key Support).

STRATEGY: Bullish till above 25000 (Key Support).

BANK NIFTY SPOT: 55287 (-0.31%)

TRADING ZONE:

Resistance: 55600 (Pivot Level) / 56000 (Key Resistance)

Support: 55000 (Pivot Level) / 54700 (Key Support)

STRATEGY: Bullish till above 54700 (Key Support)

SEBI Registration number is INH000000081.

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