The Index can long at 26220 for the potential target of 26325 the stop loss of 26150 level - GEPL Capital Ltd
Market News:
* Ceigall India came into focus after securing a Rs.550 crore Letter of Award from Madhya Pradesh Urja Vikas Nigam.
* Shakti Pumps moved into focus after receiving a Rs.357 crore Letter of Acceptance from Maharashtra State Electricity Distribution Company.
* Aurobindo Pharma will acquire an additional 20% stake in Luoxin Aurovitas Pharma (Chengdu) from its JV partner, Shandong Luoxin Pharmaceutical Group, under a binding agreement.
Technical Summary:
The index opened on a weak note but recovered gradually in early trade, remaining largely range-bound during the first half of the session. In the second half, the upside was capped near the 26,200 level, which coincides with the maximum Call OI, leading to selling pressure at higher levels. As a result, the index eventually settled near the previous day’s closing level, indicating a lack of clear directional conviction. On the sectoral front, CPSE and PSE stocks outperformed and emerged as the top gainers, while IT and PSU Bank stocks lagged the broader market and remained the key underperformers for the day.
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: 26166 (-0.02%)
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: 59276 (-0.05%)
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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