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Market News:

* Chalet Hotels Ltd. has unveiled its new premium lifestyle hospitality brand, ‘Athiva’, marking a strategic move to strengthen its presence in the upscale segment.

* Power Mech Projects Ltd. has secured a major order worth over Rs 2,500 crore from BHEL for executing works related to a thermal power project in Telangana.

* AstraZeneca Pharma announced the launch of Sodium Zirconium Cyclosilicate powder for oral suspension in India.

Technical Summary:

The index opened on a positive note, recovering from the previous day’s weakness and sustaining above the prior day’s high as well as the key resistance level of 25,300. It continues to trade above the 12-day and 26-day EMAs, reflecting strength and positive sentiment. On the sectoral front, realty and defence emerged as the top gainers, while media and oil & gas were the major laggards of the day.

Levels to watch:

The Nifty has its crucial resistance 25400 (Pivot Level) and 25500 (Key Resistance). While support on the downside is placed at 25150 (Pivot Level) and 25000 (Key Support).

What should short term traders expect?

The Index can long above 25400 for the potential target of 25500 with stop loss 25330 of level.

Technical Data Points

NIFTY SPOT: 25328 (0.73%)

TRADING ZONE:

Resistance: 25400 (Pivot Level) and 25500 (Key Resistance)

Support: 25150 (Pivot Level) and 25000 (Key Support)

STRATEGY: BULLISH TILL ABOVE 25000 (Key Support).

BANK NIFTY SPOT: 56824 (0.58%)

TRADING ZONE:

Resistance: 57300 (Pivot Level) / 57600 (Key Resistance)

Support: 56300 (Pivot Level) / 56000 (Key Support)

STRATEGY: BULLISH TILL ABOVE 56000 (Key Support)

SEBI Registration number is INH000000081.

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