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Market News:

* Bharat Rasayan Ltd approved the allotment of 83.1 lakh bonus equity shares under its 1:1 bonus issue, doubling its paid-up share capital.

* Corona Remedies Ltd debuted on the NSE at a 38.4% premium to its issue price, listing strongly on Monday.

* The rupee closed at 90.73 per dollar after hitting a record intraday low near 90.80, marking a over 2% fall in the past month.

Technical Summary:

The index opened on a weak note amid subdued global cues but gradually recovered from the day’s low of 25,904, a level that coincided with the 26-DEMA. The rebound helped the index reclaim the 26,000 mark by the close. On the sectoral front, Media and FMCG emerged as the top gainers, while Capital Markets and Auto stocks were the top losers for the session.

Levels to watch:

The Nifty has its crucial resistance 26200 (Multiple Touches) and 26325 (Key Resistance). While support on the downside is placed at 25900 (Pivot Level) and 25800 (Key Support).

What should short term traders expect?

The Index can long above 26100 for the potential target of 26250 with stop loss 26020 of level.

Technical Data Points

NIFTY SPOT: 26015 (-0.12%)

TRADING ZONE:

Resistance: 26200 (Multiple Touches) and 26325 (Key Resistance)

Support: 25900 (Pivot Level) and 25800 (Key Support).

STRATEGY: Bullish till above 25800 (Key Support).

BANK NIFTY SPOT: 59438 (0.08%)

TRADING ZONE:

Resistance: 59600 (Multiple Touches) / 60114 (Key Resistance)

Support: 59000 (Pivot Level) / 58700 (Key Support)

STRATEGY: Bullish till above 58700 (Key Support)

SEBI Registration number is INH000000081.

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