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Market News:

* Coal India has three million shares exchange hands in a block deal.

* HDFC Bank Q3 YoY update, Advances grew ~10–12% and deposits rose 12.2%, led by ~10% CASA growth, reflecting steady balance sheet expansion.

* Diamond Power Infra received an LoI from L&T Construction for power cable supply worth Rs.72.5 crore (ex-GST).

Technical Summary:

The index opened on a muted note but saw an initial recovery toward the prior day’s high, briefly scaling a fresh lifetime high at 26,373. However, the move lacked follow-through, and the index drifted lower through the session, slipping to an intraday low of 26,210. It eventually settled at 26,244, down 0.32%, indicating profit booking at elevated levels. From a market tone perspective, the inability to sustain near record highs suggests near-term exhaustion and cautious sentiment, even as the broader trend remains intact. On the sectoral front, Realty and Defence stocks outperformed, attracting selective buying interest, while IT and Oil & Gas stocks faced selling pressure and ended the day on a weaker note.

Levels to watch:

The Nifty has its crucial resistance 26400 (Pivot Level) and 26500 (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: 26244 (-0.32%)

TRADING ZONE:

Resistance: 26400 (Pivot Level) and 26500 (Key Resistance).

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

STRATEGY: Bullish till above 26100 (Key Support).

BANK NIFTY SPOT: 60054 (-0.16%)

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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