The index opened on a gap-down note and gradually drifted lower, marking the day`s low at 24,126 - GEPL Capital Ltd
Market News:
• Jindal Poly Films said the NCLT has approved the replacement of the lead applicant with a new shareholder after the original applicant withdrew from the ongoing case.
• Ola Electric said it has received government approval for its S1 X electric scooter.
• JSW Infrastructure said its subsidiary, JSW Kolkata Container Terminal, has received approval from the Principal Commissioner of Customs to commence operations near Syama Prasad Mookerjee Port.
Technical Summary:
The index opened on a gap-down note and gradually drifted lower, marking the day’s low at 24,126. However, the index witnessed support near the 50-DEMA level and successfully retested the rising trendline adjoining the February 2026 lows, indicating that the broader short-term structure remains intact. On the sectoral front, IT and Consumer Durable indices emerged as the top gainers, while PSU Bank and Financial Services were the major underperformers for the day.
Levels to watch:
The Nifty has its crucial resistance 24300(Pivot Level) and 24400 (Key Resistance). While support on the downside is placed at 24000 (Multiple Touches) and 23900 (Key Support).
What should short term traders expect?
The Index can LONG above 24200 for the potential target of 24300 and 24380 the stop loss of 24130 level
Technical Data Points
NIFTY SPOT: 24180 (-0.60%)
TRADING ZONE:
Resistance: 24300(Pivot Level) and 24400 (Key Resistance).
Support: 24000 (Multiple Touches) and 23900 (Key Support).
STRATEGY: Bullish till above 23900 (Key Support).
BANK NIFTY SPOT: 55325 (-1.29%)
TRADING ZONE:
Resistance: 55800 (Pivot Level) / 56500 (Key Resistance)
Support: 54500 (Pivot Level) / 54000 (Key Support)
STRATEGY: Bullish till above 54000 (Key Support).
SEBI Registration number is INH000000081.
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