IGI Logo

Market News:

* Blue Star MD B Thiagarajan said the AC industry is seeing early recovery after a weak year. However, the second-half pickup will not offset the summer slowdown.

* Shakti Pumps won a Rs.65.2 crore order from MP Urja Vikas Nigam to supply 1,897 off-grid solar water pumps under PM-KUSUM, to be executed in 120 days.

* GK Energy received an amended LoE from MSEDCL for 10,000 off-grid solar pumps worth Rs.254.3 Cr under PM-KUSUM B, executable in 60 days and subject to tender limits.

Technical Summary:

The index opened on a positive note but faced strong rejection near the crucial 26,200 resistance zone, leading to a gradual drift lower and a close below the previous day’s levels. The 26,200 mark continues to act as a formidable supply area, as it coincides with the maximum Call OI, indicating aggressive call writing and capped upside. Additionally, the 26,220 level represents the highest closing level of the past one year, further reinforcing this zone as a major hurdle for the index. On the sectoral front, Media and Realty stocks outperformed and provided relative support to the market, while Oil & Gas and Pharma sectors witnessed selling pressure and emerged as the top laggards for the session. Overall, the price action suggests cautious sentiment near key resistance, with traders awaiting a decisive breakout above the 26,200–26,220 zone for further directional clarity.

Levels to watch:

The Nifty has its crucial resistance 26220 (Multiple Touches) and 26325 (Key Resistance). While support on the downside is placed at 26050 (Multiple Touches) and 25950 (Key Support).

What should short term traders expect?

The Index can long at 26220 for the potential target of 26325 the stop loss of 26150 level.

Technical Data Points

NIFTY SPOT: 26137 (-0.15%)

TRADING ZONE:

Resistance: 26220 (Multiple Touches) and 26325 (Key Resistance).

Support: 26050 (Multiple Touches) and 25950 (Key Support).

STRATEGY: Bullish till above 25950 (Key Support).

BANK NIFTY SPOT: 59137 (-0.27%)

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.

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