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Market News:

* The Labour Ministry has directed quick-commerce platforms such as Zomato, Swiggy, Blinkit and Zepto to discontinue the 10-minute delivery commitment.

* Dynamatic Technologies Limited has announced its readiness to deliver the first complete ship-set of all eight doors for the Airbus A220 aircraft, covering main passenger doors, service doors, cargo doors, and overwing emergency exit doors.

* A B Infrabuild Limited has received a Letter of Acceptance for a new project involving the construction of a Road Over Bridge (ROB) with a proposed span of 1 × 36 metres.

Technical Summary:

The index opened with a gap-up above the prior day’s high but gradually drifted lower through the session. Despite the intraday pressure, the index rebounded sharply from the 100-DEMA and the key support zone around 25,600, highlighting buying interest at lower levels. On the sectoral front, Capital Market and PSU Banks emerged as the top gainers, while Defence and Infrastructure stocks remained the key laggards for the day.

Levels to watch:

The Nifty has its crucial resistance 25900 (Pivot Level) and 26000 (Key Resistance). While support on the downside is placed at 25600 (Multiple Touches) and 25500 (Key Support).

What should short term traders expect?

The Index can short below 25600 for the potential target of 25500 the stop loss of 25670 level.

Technical Data Points

NIFTY SPOT: 25717 (-0.28%)

TRADING ZONE:

Resistance: 25900 (Pivot Level) and 26000 (Key Resistance).

Support: 25600 (Multiple Touches) and 25500 (Key Support).

STRATEGY: Bearish till below 26000 (Key Resistance).

BANK NIFTY SPOT: 59545 (0.16%)

TRADING ZONE:

Resistance: 59700 (Pivot Level) / 60112 (Key Resistance)

Support: 59000 (Pivot Level) / 58700 (Key Support)

STRATEGY: Bullish till above 58700 (Pivot Level)

SEBI Registration number is INH000000081.

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