The index opened on a gap-up note and sustained its bullish momentum, reaching an intraday high of 25,266 - GEPL Capital Ltd
Market News:
* Reliance Defence, a subsidiary of Reliance Infrastructure, has secured a Rs.600 crore export order from German defence and ammunition major Rheinmetall Waffe.
* Wonder Electricals has installed a 640 KW solar plant in Uttarakhand, set to begin commercial operations within 15 days.
* Exicom Tele-Systems approves fundraise of up to Rs.260 crore through a rights issue.
Technical Summary:
The index opened on a gap-up note and sustained its bullish momentum, reaching an intraday high of 25,266. It then consolidated around the 25,240 level for the remainder of the session, closing on a stable note. The index remained firmly above key short-term moving averages, reinforcing the positive trend. On the sectoral front, Media and IT stocks outperformed, while Defence and CPSE sectors lagged.
Levels to watch:
The Nifty has its crucial resistance 25350 (Pivot Level) and 25500 (Key Resistance). While support on the downside is placed at 25100 (Pivot Level) and 24950 (Key Support).
What should short term traders expect?
The Index can be long if it sustains above 25250 for the potential target of 25350 with stop loss of 25170 level.
Technical Data Points
NIFTY SPOT: 25236 (0.77%)
TRADING ZONE:
Resistance: 25350 (Pivot Level) and 25500 (Key Resistance).
Support: 25100 (Pivot Level) and 24950 (Key Support).
STRATEGY: Bullish till above24950 (Key Support).
BANK NIFTY SPOT: 56591 (+0.23%)
TRADING ZONE:
Resistance: 56800 (Multiple Touches) / 57100 (Key Resistance)
Support: 56000 (Pivot Level) / 55500 (Key Support).
STRATEGY: Bullish till above 55500 (Key Support).
SEBI Registration number is INH000000081.
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