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Market News:

* Bondada Engineering Ltd. has secured a Rs.945 crore order from NLC India Renewables.

* Dilip Buildcon has bagged a Rs.4,900 crore order from MPUVNL for the development of 1,363.55 MW of solar power projects in Madhya Pradesh.

* The Delhi High Court has permitted KEC International to participate in bidding for projects of Power Grid Corporation of India Ltd.

Technical Summary:

The index opened on a gap-up note but remained largely range-bound throughout the trading session. On the daily chart, the index has moved past the recent lower-top level near 26,057 and is comfortably sustaining above the 20- DEMA and 50-DEMA, indicating a positive near-term sentiment. On the sectoral front, Defense and Metal stocks emerged as the top gainers, while Consumer and Realty sectors were the top laggards 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 cmp for the potential target of 26250 and 26325 with stop loss of 26100 level.

Technical Data Points

NIFTY SPOT: 26161 (+0.75%)

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: 59283 (+0.36%)

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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