The Index can short below 25600 for the potential target of 25500 the stop loss of 25670 level - GEPL Capital Ltd
Market News:
* NBCC (India) Ltd has partnered with Bharat Electronics Ltd (BEL) to jointly build an integrated healthcare manufacturing and services ecosystem.
* Solex Energy Ltd has secured a Rs. 276 crore order from a leading IPP for the supply of N-Type TOPCon 615/620 Wp glass-to-glass solar PV modules.
* Krystal Integrated Services Ltd has secured a 5-year work order from the Vasai Virar City Municipal Corporation for door-to-door waste collection, segregation, transportation, and street cleaning in Prabhag “F”.
Technical Summary:
The index opened on a weak note below the prior day’s low and initially drifted lower, hitting an intraday low of 25,473.40. However, a sharp recovery in the second half helped the index reclaim the 25,700 level. On the daily chart, the index managed to sustain above its 100-DEMA, indicating underlying support. Sectorally, Metal and PSE indices outperformed, while Media and Realty ended as the 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: 25803 (0.47%)
TRADING ZONE:
Resistance: 25800 (Pivot Level) and 26000 (Key Resistance).
Support: 25600 (Multiple Touches) and 25500 (Key Support).
STRATEGY: Bearish till below 26000 (Key Resistance).
BANK NIFTY SPOT: 59531 (0.47%)
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.
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