The index opened on a gap-up note but drifted lower during the first half of the session - GEPL Capital Ltd
Market News:
• EMS secures ~Rs 64.85 crore sewer infrastructure order from UP Jal Nigam, executable over 18 months, boosting order book visibility.
• B.L. Kashyap secures Rs180 crore civil & structural order from Immencity Office Parks, to be exe-cuted in ~18 months.
• SPML Infra secures Rs 1,128 crore NTPC order for a 1 GWh BESS project at Barauni, marking its entry into large-scale grid storage.
Technical Summary:
The index opened on a gap-up note but drifted lower during the first half of the session. However, it witnessed a sharp recovery from the crucial 24,000 support level, following which it breached the key resistance band of 24,200 –24,300 and eventually settled at 24,339. On the daily scale, the index closed above its 20- and 50-day EMAs and confirmed a breakout from the 7-day congestion zone, indicating a positive shift in near-term momentum. On the sectoral front, Tourism, PSU Bank, and Financial Services emerged as the top gainers, while the CPSE and Energy indices ended marginally lower.
Levels to watch: The Nifty has its crucial resistance 24500 (Pivot Level) and 24700 (Key Resistance).
While support on the downside is placed at 24150 (Multiple Touches) and 23950 (Key Support).
What should short term traders expect?
The Index can LONG above 24400 for the potential target of 24500 and 24580 the stop loss of 24330 level.
Technical Data Points
NIFTY SPOT: 24339 (+1.27%)
TRADING ZONE:
Resistance: 24500 (Pivot Level) and 24700 (Key Resistance)
Support: 24150 (Multiple Touches) and 23950 (Key Support).
STRATEGY: Bullish till above 23950 (Key Support).
BANK NIFTY SPOT: 56035 (+2.73%)
TRADING ZONE:
Resistance: 57000 (Pivot Level) / 58000 (Key Resistance)
Support: 55500 (Pivot Level) / 55000 (Key Support)
STRATEGY: Bullish till above 55000 (Key Support).
SEBI Registration number is INH000000081.
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