The Index can long above 26050 for the potential target of 26325 with stop loss 25900 of level - GEPL Capital Ltd
Market News:
* NCLT on Tuesday approved Vedanta’s merger plan; the demerger was earlier cleared by the board on September 29, 2023.
* BEML Ltd. has secured a ~Rs.110 crore order from the Ministry of Defence for the supply of engines. Railtel Corp. received order worth Rs. 148 crores from the Office Of The Registrar General & Census Commissioner, India (Orgi).
Technical Summary:
Today the NIFTY witnessed a range-bound and subdued session, in line with expectations ahead of the weekly expiry. The index successfully defended its crucial support near 25850, indicating buying interest at lower levels, while selling pressure persisted near the 25900–25950 zone, keeping the upside capped. Throughout the session, NIFTY traded in a narrow band, reflecting a lack of strong directional cues. Derivative data showed heavy Call writing around the 25900 strike, highlighting it as an immediate resistance area, while Put build-up at 25850 continued to provide a strong base. On the technical front, the index remains consolidative, suggesting indecision among market participants. The broader structure indicates that traders are positioning for a range-bound expiry, with volatility remaining low. On the sectoral front, Consumer Durable and Media emerged as the top gainers, while Realty and Private Bank stocks were the top losers for the session.
Levels to watch:
The Nifty has its crucial resistance 26050 (Swing High) and 26325 (Life High). While support on the downside is placed at 25700 (Swing Low) and 25500 (Key Support).
What should short term traders expect?
The Index can long above 26050 for the potential target of 26325 with stop loss 25900 of level.
Technical Data Points
NIFTY SPOT: 25860 (-0.64%)
TRADING ZONE:
Resistance: 26050 (Swing High) and 26325 (Life High)
Support: 25700 (Swing Low) and 25500 (Key Support).
STRATEGY: Bullish till above 25700 (Swing Low)
BANK NIFTY SPOT: 59034 (-0.72%)
TRADING ZONE:
Resistance: 59550 (Swing High) / 60200 (Key Resistance)
Support: 58600 (Pivot Level) / 58200 (Key Support)
STRATEGY: Bullish till above 58600 (Pivot Level)
SEBI Registration number is INH000000081.
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