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Market News:

* Premier Energies has secured a contract worth $19.95 million to supply and install solar power systems in Benin, West Africa.

* Tata Power Ltd.’s subsidiary, Tata Power EV Charging Solutions, has entered into a strategic partnership with VE Commercial Vehicles to advance electric mobility.

* E2E Networks has announced plans to raise up to Rs.1,000 crore through a QIP. The company has also approved the reappointment of Tarun Dua as Managing Director for a five-year term.

Technical Summary:

The index opened on a muted note and remained volatile throughout the session, recording a day’s high of 24,791 and a low of 24,606. It extended its losing streak for the eighth consecutive session and settled below the 100- DEMA, signaling caution in the near term. On the sectoral front, Oil & Gas and PSU Banks outperformed, while Consumer Durables and FMCG were the top laggards of the day.

Levels to watch:

The Nifty has its crucial resistance 24800 (Pivot Level) and 24950 (Key Resistance). While support on the downside is placed at 24500 (Pivot Level) and 24400 (Key Support).

What should short term traders expect?

The Index can short below 24600 for the potential target of 24500 with stop loss of 24670 level.

Technical Data Points

NIFTY SPOT: 24683 (0.12%)

TRADING ZONE:

Resistance: 24800 (Pivot Level) and 24950 (Key Resistance).

Support: 24500 (Pivot Level) and 24400 (Key Support).

STRATEGY: Bearish till below 24950 (Key Resistance).

BANK NIFTY SPOT: 54568 (0.33%)

TRADING ZONE:

Resistance: 55000 (Pivot Level) / 55300 (Key Resistance)

Support: 54000 (Pivot Level) / 53800 (Key Support)

STRATEGY: Bearish till below 55300 (Key Resistance)

SEBI Registration number is INH000000081.

Please refer disclaimer at https://geplcapital.com/term-disclaimer