The Index can short below 25800 for the potential target of 25700 with stop loss of 25860 level - GEPL Capital Ltd
Market News:
* Tata Chemicals Ltd. on Wednesday announced the successful raising of Rs.1,500 crore through the private placement of NCDs.
* Power Grid Corporation plans to invest Rs.1,227 crore towards the refurbishment of the Bhadrawati project in Maharashtra.
* Ahluwalia Contracts has secured a Rs.888 crore civil construction order from the Bihar State Tourism Development Corporation.
Technical Summary:
The Nifty index opened on a muted note and extended its selling pressure during the first half of the session, slipping below the prior day’s low. However, as the session progressed, selling intensity eased and the index moved into a tight consolidation phase. For most of the second half, Nifty traded in a narrow range of 25,770–25,830, hovering close to the 50-DEMA, which acted as an important near-term reference point. This price behavior suggests that while short- term pressure remains, buyers are attempting to defend the 50-DEMA, preventing a deeper correction. On the sectoral front, PSU Banks and IT stocks showed relative resilience and emerged as the top gainers, helping cushion the downside. In contrast, Media and Defense stocks remained under pressure and were the top laggards for the day.
Levels to watch:
The Nifty has its crucial resistance 25960 (Multiple Touches) and 26220 (Key Resistance). While support on the downside is placed at 25700 (Multiple Touches) and 25600 (Key Support).
What should short term traders expect?
The Index can short below 25800 for the potential target of 25700 with stop loss of 25860 level.
Technical Data Points
NIFTY SPOT: 25822 (-0.15%)
TRADING ZONE:
Resistance: 25960 (Multiple Touches) and 26220 (Key Resistance).
Support: 25700 (Multiple Touches) and 25600 (Key Support).
STRATEGY: Bearish till below 25960 (Multiple Touches).
BANK NIFTY SPOT: 58951 (-0.14%)
TRADING ZONE:
Resistance: 59300 (Multiple Touches) / 59600 (Key Resistance)
Support: 58700 (Pivot Level) / 58300 (Key Support)
STRATEGY: Bullish till above 58300 (Pivot Level)
SEBI Registration number is INH000000081.
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