The Index can short below 24800 for the potential target of 24500 with stop loss of 25000 level - GEPL Capital Ltd
Market News:
* GRP has started producing tyre pyrolysis oil, recovered carbon black, and char.
* Choice International secured projects worth Rs 140 crore in housing, agriculture, and MSME development.
* Satin Creditcare Network Ltd. raised Rs 100 crore via non-convertible debentures
Technical Summary:
The index opened with a negative note due to weak global sentiments. In the initial hour it moved below 25000 level and after that it consolidate near 24950 mark. However in the final hour once again it moved down and made a day low at 24874 level. On the daily charts, the Index formed Lower High Lower Low formation indicating profit booking has happened at higher levels. On the sectoral front, Media and Pharma led the gains, while PSU Bank and Private Bank emerged as the day’s laggard.
Levels to watch:
The Nifty has its crucial resistance 25000 (Pivot Level) and 25250 (Key Resistance). While support on the downside is placed at 24800 (Pivot Level) and 24500 (Key Support).
What should short term traders expect?
The Index can short below 24800 for the potential target of 24500 with stop loss of 25000 level.
Technical Data Points
NIFTY SPOT: 24870 (-0.85%)
TRADING ZONE:
Resistance: 25500 (Pivot Level) and 25250 (Key Resistance).
Support: 24800 (Pivot Level) and 24500 (Key Support).
STRATEGY: Bearish below 24800 (Key Support).
BANK NIFTY SPOT: 55149 (-1.09%)
RADING ZONE:
Resistance: 55600 (Pivot Level) / 56150 (Swing High)
Support: 54900 (Swing Low) / 54600 (Key Support)
STRATEGY: Bearish below 54900 (Swing Low)
SEBI Registration number is INH000000081.
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