The Index can short at 25950 for the potential target of 25800 the stop loss of 26050 level - GEPL Capital Ltd
Market News:
* Larsen & Toubro won order worth Rs. 1,000 - 2,500 crore for the Phase-2 of the Hyderabad Greenfield Radial Road.
* The MD & CEO of Sigachi Industries was remanded for a probe in the Hyderabad unit fire.
* Ceigall India has received provisional certificate for six laning 27.4 km stretch of NH-54.
Technical Summary:
The index opened on a weak note and extended its bearish run for the fourth consecutive session, reflecting sustained selling pressure. On the daily timeframe, the index has slipped below its short-term moving averages, signaling near-term caution and a loss of short-term momentum. On the sectoral front, Media and FMCG managed to close in the green, offering some defensive support, while Consumer Durables and Capital Markets emerged as the key underperformers for the day.
Levels to watch
The Nifty has its crucial resistance 26050 (Multiple Touches) and 26200 (Key Resistance). While support on the downside is placed at 25850 (Multiple Touches) and 25750 (Key Support).
What should short term traders expect?
The Index can short at 25950 for the potential target of 25800 the stop loss of 26050 level.
Technical Data Points
NIFTY SPOT: 25951 (-0.35%)
TRADING ZONE:
Resistance: 26050 (Multiple Touches) and 26200 (Key Resistance).
Support: 25850 (Multiple Touches) and 25750 (Key Support).
STRATEGY: Bearish till below 26200 (Key Resistance).
BANK NIFTY SPOT: 58953 (-0.10%)
TRADING ZONE:
Resistance: 59300 (Multiple Touches) / 59600 (Key Resistance)
Support: 58600 (Pivot Level) / 58300 (Key Support)
STRATEGY: Bullish till above 58300 (Key Support)
SEBI Registration number is INH000000081.
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