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Market News:

* Zostel has urged SEBI to review OYO parent Prism’s IPO draft disclosures, alleging they are incomplete and misleading regarding their ongoing legal dispute.

* Premier Energies commissioned a solar module plant in Telangana and commenced construction of a 6 GWh battery storage unit and an 18,000 MTPA aluminium facility.

* Piramal Pharma said the US FDA issued an Establishment Inspection Report for its US manufacturing facility.

Technical Summary:

The index opened on a positive note but traded within a narrow range for most of the session before witnessing selling pressure in the latter half. On the daily timeframe, the index formed a long upper-wick candlestick, indicating rejection near the 100-day EMA and signalling a cautious near-term outlook. On the sectoral front, Realty and the Capital Market index emerged as the top gainers, while CPSE and Auto were the key underperformers during the session.

Levels to watch:

The Nifty has its crucial resistance 24150 (Pivot Level) and 24300 (Key Resistance).

While support on the downside is placed at 23800 (Key Support) and 23700 (Key Support).

What should short term traders expect?

The Index can short below 23900 for the potential target of 23800 AND 23750 the stop loss of 23970 level.

Technical Data Points

NIFTY SPOT: 23982 (0.42%)

TRADING ZONE:

Resistance: 24150 (Pivot Level) and 24300 (Key Resistance)

Support: 23800 (Key Support) and 23700 (Key Support).

STRATEGY: Bearish till below 23700 (Key Support).

BANK NIFTY SPOT: 57322 (1.02%)

TRADING ZONE:

Resistance: 58000 (Pivot Level) and 58300 (Key Resistance)

Support: 56750 (Pivot Level) and 56300 (Key Support).

STRATEGY: Bearish till below 56300 (Key Support).

SEBI Registration number is INH000000081.

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