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Market News:

* NTPC is exploring multiple international partnerships for technology and fuel sourcing to advance its nuclear power ambitions and diversify its energy mix.

* Coal India has allowed coal consumers from Bangladesh, Bhutan, and Nepal to directly participate in Single Window Mode Agnostic (SWMA) auctions.

* BHEL shares were in focus after the company received a Rs.184 crore tax demand from the Telangana tax authority

Technical Summary:

The index opened on a strong positive note and decisively broke above the 26,200 resistance, triggering a shortcovering rally toward the 26,300 zone. On the daily chart, the index formed a bullish candlestick, with the Super trend indicator turning positive, and went on to register a fresh all-time high at 26340, reflecting a clear improvement in sentiment. On the sectoral front, CPSE and PSE indices led the gains for the session, while FMCG and Consumption stocks lagged and ended as the top underperformers.

Levels to watch:

The Nifty has its crucial resistance 26500 (Pivot Level) and 26600 (Key Resistance). While support on the downside is placed at 26200 (Multiple Touches) and 26100 (Key Support)

What should short term traders expect?

The Index can long above 26350 for the potential target of 26500 the stop loss of 26250 level.

Technical Data Points

NIFTY SPOT: 26333 (+0.71%)

TRADING ZONE:

Resistance: 26500 (Pivot Level) and 26600 (Key Resistance).

Support: 26200 (Multiple Touches) and 26100 (Key Support).

STRATEGY: Bullish till above 26100 (Key Support).

BANK NIFTY SPOT: 60176 (+0.78%)

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.

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