The Index can long above 25400 for the potential target of 25500 with stop loss of 25330 level - GEPL Capital Ltd
Market News:
* Indoco Remedies’ API manufacturing facility in Navi Mumbai successfully completed a USFDA inspection with zero observations.
* Oil India signed an agreement with Hindustan Copper Ltd. for joint mineral exploration.
* Graphite India acquired a 6.82% stake in NYSE-listed GrafTech International Ltd. for Rs.168 crore
Technical Summary:
The index opened on a weak note and drifted lower, breaching its prior day’s low to hit an intraday bottom at 25,286.30. In the second half, it witnessed a sharp recovery but failed to sustain above the previous day’s low, eventually settling into a rangebound movement around the 25,350 mark. On the sectoral front, PSU Banks and Defence emerged as the top gainers, while Media and Consumer Durables ended as the major losers of the day.
Levels to watch:
The Nifty has its crucial resistance 25500 (Pivot Level) and 25600 (Key Resistance). While support on the downside is placed at 25200 (Pivot Level) and 25100 (Key Support).
What should short term traders expect?
The Index can long above 25400 for the potential target of 25500 with stop loss of 25330 level.
Technical Data Points
NIFTY SPOT: 25353 (-0.28%)
TRADING ZONE:
25500 (Pivot Level) and 25600 (Key Resistance)
Support: 25200 (Pivot Level) and 25100 (Key Support).
STRATEGY: Bullish till above 25100 (Key Support).
BANK NIFTY SPOT: 55494 (-0.42%)
TRADING ZONE:
Resistance: 55800 (Pivot Level) / 56300 (Key Resistance)
Support: 55000 (Pivot Level) / 54700 (Key Support)
STRATEGY: Bullish till above 55000 (Pivot Level)
SEBI Registration number is INH000000081.
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