The index opened on a gap-down note and remained range-bound throughout the session by GEPL Capital Ltd
Market News:
* Speciality Medicines Ltd inks ~$2 mn (Rs.18.8 cr) global distribution deal, boosting reach and revenue visibility.
* J Kumar Infraprojects Limited secures Rs.2,487.65 crore worth of project orders in Mumbai.
* Cipla receives U.S. FDA approval for first AB Rated Generic of Ventolin HFA
Technical Summary:
The index opened on a gap-down note and remained range-bound throughout the session. On the daily timeframe, it settled near its 50 DEMA, indicating a lack of strong directional momentum. On the sectoral front, pharma and healthcare emerged as the top gainers, while auto and PSU banks underperformed during the day.
Levels to watch:
The Nifty has its crucial resistance 24350 (Pivot Level) and 24500 (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 24250 for the potential target of 24350 AND 24400 the stop loss of 24180 level.
Technical Data Points
NIFTY SPOT: 24158.5 (-0.90%)
TRADING ZONE:
Resistance: 24350 (Pivot Level) and 24500 (Key Resistance)
Support: 24000 (Multiple Touches) and 23900 (Key Support).
STRATEGY: Bullish Till above 23900 (Key Support).
BANK NIFTY SPOT: 56314 (-1.42%)
TRADING ZONE:
Resistance: 57000 (Pivot Level) / 57800 (Key Resistance)
Support: 55700 (Pivot Level) / 55500 (Key Support)
STRATEGY: Bullish Till above 55500 (Key Support).
SEBI Registration number is INH000000081.
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