IGI Logo

Market News:

* Tata Consumer Products received a tax demand of Rs.269 crore, including interest, from the Bengaluru tax authorities.

* Honasa Consumer has completed the acquisition of a 95% stake in BTM Ventures for an equity value of Rs.197.96 crore.

* GM Breweries reported a strong Q3 performance, with revenue rising 21.9% year-on-year to Rs.202.14 crore, while net profit surged 91% to Rs.42.01 crore.

Technical Summary:

The index opened on a muted note and gradually drifted lower through the session, eventually marking an intraday low at 26,124. On the daily chart, the formation of a Doji candlestick reflects indecision among market participants, suggesting a balance between buying and selling pressure after recent moves. From a broader perspective, the lack of strong follow-through on either side indicates a pause in momentum, with traders adopting a cautious stance while awaiting clearer cues. On the sectoral front, Healthcare and Pharma stocks outperformed, benefiting from defensive buying, while Oil & Gas and Infrastructure sectors faced selling pressure and ended the day as the key laggards.

Levels to watch:

The Nifty has its crucial resistance 26250 (Pivot Level) and 26373 (Key Resistance). While support on the downside is placed at 26000 (Multiple Touches) and 25900 (Key Support).

What should short term traders expect?

The Index can long above 26250 for the potential target of 26373 the stop loss of 26170 level.

Technical Data Points

NIFTY SPOT: 26174 (-0.29%)

TRADING ZONE:

Resistance: 26250 (Pivot Level) and 26373 (Key Resistance)

Support: 26000 (Multiple Touches) and 25900 (Key Support).

STRATEGY: Bullish till above 25900(Key Support).

BANK NIFTY SPOT: 60095 (0.09%)

TRADING ZONE:

Resistance: 60500 (Pivot Level) / 60800 (Key Resistance)

Support: 59700 (Pivot Level) / 59300 (Key Support)

STRATEGY: Bullish till above 59300 (Key Support)

SEBI Registration number is INH000000081.

Please refer disclaimer at https://geplcapital.com/term-disclaimer