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Market News:

* Man Infraconstruction’s subsidiary has acquired a 15.4% ownership stake in 1250 JV LP for a consideration of $10 million.

* ABB India has secured an order worth Rs.174 crore from Siemens Gamesa Renewable for the supply of wind turbine converters.

* CG Power and Industrial Solutions’ subsidiary, CG Semi Private Ltd, has inaugurated India’s first outsourced semiconductor assembly and test (OSAT) facility in Sanand, Gujarat.

Technical Summary:

The Index has been Remained high Volatile During the trading sessions were index witness both side swings and tested prtor day low for multiple times but Witness buying Interest. On the Daily Scale index has Been Sustaining below it's 100DEMA sing of he Caution for the near term. on the Sectoral Front, FMCG and Media were the top Outperformer for the day while capital market and Realty Facaed the continous selling Pressure. 

Levels to watch:

The Nifty has its crucial resistance 24650 (Pivot Level) and 24750 (Key Resistance). While support on the downside is placed at 24360 (Pivot Level) and 24250 (Key Support).

What should short term traders expect?

The Index can short below 24450 for the potential target of 24360 with stop loss of 24520 level.

Technical Data Points

NIFTY SPOT: 24434 (-0.27%)

TRADING ZONE:

Resistance: 24650 (Pivot Level) and 24750 (Key Resistance).

Support: 24360 (Pivot Level) and 24250 (Key Support).

STRATEGY: Bearish till below 24750 (Key Resistance).

BANK NIFTY SPOT: 53692 (-0.24%)

TRADING ZONE:

Resistance: 54000 (Pivot Level) / 54800 (Key Resistance)

Support: 53500 (Pivot Level) / 53000 (Key Support)

STRATEGY: Bearish Till below 54800 (Key Resistance)

SEBI Registration number is INH000000081.

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