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Market News:

• Aegis Vopak Terminals Ltd. has announced plans to raise up to ?660 crore through NCDs on a private placement basis.

• Alembic Pharmaceuticals Ltd. received USFDA approval for Dasatinib tablets, used in the treatment of leukemia in adults.

• TeamLease Services acquired an additional 10% stake in its arm TSR Darashaw HR Services, making it a wholly-owned subsidiary.

Technical Summary:

The index opened on a gap-up note and initially tested its support near the 25,350 level, making an intraday low of 25,318 around the 50-DEMA. Subsequently, a recovery emerged, lifting the index toward the previous day’s close. However, in the latter part of the session, the index showed signs of exhaustion after hitting an intraday high of 25,551. On the sectoral front, Capital Market and Metal indices emerged as the top gainers, while Infra and Consumer Durables underperformed during the session.

Levels to watch:

The Nifty has its crucial resistance 25600 (Multiple Touches) and 25700 (Key Resistance). While support on the downside is placed at 25350 (Pivot Level) and 25250 (Key Support).

What should short term traders expect?

The Index can short below 25450 for the potential target of 25350 with stop loss 25520 of level.

Technical Data Points

NIFTY SPOT: 25492 (-0.07%)

TRADING ZONE:

Resistance: 25600 (Multiple Touches) and 25700 (Key Resistance)

Support: 25350 (Pivot Level) and 25250 (Key Support).

STRATEGY: Bearish till below 25700 (Key Resistance).

BANK NIFTY SPOT: 57876 (+0.56%)

TRADING ZONE:

Resistance: 58200 (Pivot Level) / 58600 (Key Resistance)

Support: 57500 (Pivot Level) / 57000 (Key Support)

STRATEGY: BULLISH TILL ABOVE 57000 (Pivot Level)

SEBI Registration number is INH000000081.

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