The Index can short at 25950 for the potential target of 26800 the stop loss of 26050 level - GEPL Capital Ltd
Market News:
* Sikho Lifecare will offer cashless Ayurvedic Panchkarma treatment to Air India employees and eligible beneficiaries.
* Bondada Engineering has secured a Rs.391 crore order from NTPC Green to set up a 300 MW solar PV project in Lalitpur.
* Dilip Buildcon has secured a Rs.3,400 crore EPC order from Adani Transport for the construction of Ganga Path in Bihar.
Technical Summary:
The index opened on a weak note and witnessed sustained selling pressure, as it failed to hold above the prior day’s close and gradually drifted lower. The intraday structure reflected clear weakness, with the formation of lower tops and lower bottoms, indicating bearish control during the session. On the weekly scale, the index has developed a reversal pattern, signaling a cautious-to-weak undertone heading into the coming week. Sectorally, Metal and PSE stocks outperformed, while IT and Media emerged as the key 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 25900 (Multiple Touches) and 25800 (Key Support).
What should short term traders expect?
The Index can short at 25950 for the potential target of 26800 the stop loss of 26050 level.
Technical Data Points
NIFTY SPOT: 26046 (-0.36%)
TRADING ZONE:
Resistance: 26220 (Multiple Touches) and 26325 (Key Resistance).
Support: 25900 (Multiple Touches) and 25800 (Key Support)
STRATEGY: Bearish till below 26220 (Multiple Touches)
BANK NIFTY SPOT: 58994 (-0.32%)
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.
Please refer disclaimer at https://geplcapital.com/term-disclaimer
