The index opened on a gap-down note, tracking the sharp sell-off in global markets, which set a cautious tone from the start - GEPL Capital
Market News:
* RateGain Travel Technologies has partnered with HotellQ to enhance real-time rate intelligence for global hotel chains. HotellQ will integrate RateGain’s ‘Navigator’ solution into its platform.
* IndusInd Bank clarified that recent media reports suggesting a fund-raising plan are “speculative and factually inaccurate.”
* Biocon is entering a pivotal growth phase as it strengthens its position in the global biosimilars market, supported by favorable regulatory developments in the U.S
Technical Summary:
The index opened on a gap-down note, tracking the sharp sell-off in global markets, which set a cautious tone from the start. During the first half of the session, the index remained under pressure and slipped towards its prior day’s low, reflecting weak sentiment and broad-based profit booking. However, as the session progressed, the market attempted a gradual recovery, supported by selective sectoral strength. India VIX is currently at 13.61, indicating a rise in volatility. This elevated VIX level suggests that the market may continue to experience choppy movements, and traders should remain cautious at higher levels as short-term swings could intensify. On the sectoral front, the FMCG & Auto index stood out as the top outperformer, demonstrating resilience despite the broader weakness. In contrast, the Defence and Realty sectors witnessed notable selling pressure and emerged as the top underperformers of the day.
Levels to watch:
The Nifty has its crucial resistance 26200 (Multiple Touches) and 26300 (Key Resistance). While support on the downside is placed at 25950 (Pivot Level) and 25800 (Key Support).
What should short term traders expect?
The Index can long above 26100 for the potential target of 26200 with stop loss 26030 of level
Technical Data Points
NIFTY SPOT: 26062 (-0.50%)
TRADING ZONE:
Resistance: 26200 (Multiple Touches) and 26300 (Key Resistance).
Support: 25950 (Pivot Level) and 25800 (Key Support).
STRATEGY: Bullish till above 25800 (Key Support).
BANK NIFTY SPOT: 58851 (-0.84%)
TRADING ZONE:
Resistance: 59440 (All Time High) / 59800 (Key Resistance)
Support: 58500 (Pivot Level) / 58100 (Key Support)
STRATEGY: Bullish till above 58100 (Key Support)
SEBI Registration number is INH000000081.
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