The Index can short if it sustains below 25100 for the potential target of 25000 and 24900 with stop loss of 25170 level - GEPL Capital Ltd
Market News:
• Newgen Software reported a weak set of numbers for Q1 FY26 on a sequential basis. Consolidated revenue declined sharply by 25.4% to Rs.321 crore, down from Rs.430 crore in the previous quarter. Operating performance saw a steeper impact, with EBIT margins contracting significantly to 11.2% from 29.9%.
• Patanjali Foods’ board has approved bonus share issue in the ratio of 2:1.
• ABB India reported a 9% year-on-year decline in order inflows, as highlighted in the company’s global earnings update.
Technical Summary:
The index opened on a muted note and remained under pressure throughout the session, closing below the previous day’s low. On the daily chart, it continues to face strong resistance near its 20-day EMA, signaling caution in the near term. Sectorally, Realty and Metal outperformed, while IT and PSU Bank sectors were the key laggards of the day.
Levels to watch:
The Nifty has its crucial resistance 25250 (Pivot Level) and 25500 (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 if it sustains below 25100 for the potential target of 25000 and 24900 with stop loss of 25170 level
Technical Data Points
NIFTY SPOT: 25110 (-0.40%)
TRADING ZONE:
Resistance: 25250 (Pivot Level) and 25500 (Key Resistance)
Support: 25000 (Pivot Level) and 24900 (Key Support)
STRATEGY: Bullish till above 25000 (Pivot Level)
BANK NIFTY SPOT: 56809 (-0.63%)
TRADING ZONE
Resistance: 57500 (Pivot Level) / 57800 (Key Resistance)
Support: 56500 (Pivot Level) / 56300 (Key Support)
STRATEGY: Bullish till above 56300 (Key Support).
SEBI Registration number is INH000000081.
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