IGI Logo

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 positive note but was unable to hold on to its initial gains. It gradually drifted lower through the session, testing levels near the prior day’s low before settling at 24,636. On the daily scale, this marks the ninth straight session of decline, highlighting persistent selling pressure in the market. Such a prolonged losing streak reflects growing caution among participants and signals that the near-term trend remains under pressure, warranting a Caution approach.

Levels to watch:

The Nifty has its crucial resistance 24750 (Pivot Level) and 24850 (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: 24636 (0.01%)

TRADING ZONE:

Resistance: 24750 (Pivot Level) and 24850 (Key Resistance).

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

STRATEGY: Bearish till below 24850 (Key Resistance)

BANK NIFTY SPOT: 54696 (0.43%)

TRADING ZONE:

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

Support: 54000 54300 (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