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Market News:

* GAIL (India) Ltd. approved the expansion of its Jamnagar–Loni petroleum product pipeline, doubling capacity to 6.5 million tonnes per annum from 3.25 million tonnes.

* Refex Industries secured a Rs.474 crore order to supply wind turbine generators and tubular towers for wind power projects.

* Ideaforge Technology’s subsidiary signed a joint venture agreement with First Breach to manufacture and distribute drones in the US.

Technical Summary:

The index opened gap down. In the initial hours an Index made a day’s low at 25027 level. And after that it showed volatile move throughout the day. On the daily scale, it has been forming lower lows for four consecutive sessions, with the 25,460–25,500 zone likely to act as a crucial resistance. Sector-wise, FMCG outperformed, while Realty and Auto lagged.

Levels to watch:

The Nifty has its crucial resistance 25150 (Pivot Level) and 25350 (Key Resistance). While support on the downside is placed at 25000 (Pivot Level) and 24900 (Key Support).

What should short term traders expect?

The Index can short below 25000 for the potential target of 24900 – 24700 with stop loss of 25150 level.

Technical Data Points

NIFTY SPOT: 25056 (-0.45%)

TRADING ZONE:

Resistance: 25150 (Pivot Level) and 25350 (Key Resistance).

Support: 25000 (Pivot Level) and 24900 (Key Support).

STRATEGY: Bearish below 25000 (Key Support)

BANK NIFTY SPOT: 55121 (-0.70%)

TRADING ZONE:

Resistance: 55500 (Pivot Level) / 55800 (Key Resistance)

Support: 55000 (Pivot Level) / 54700 (Key Support)

STRATEGY: Bearish below 54700 (Key Support)

SEBI Registration number is INH000000081.

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