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Market News:

* Polyplex Corporation has announced that a minority shareholder of its subsidiary, EcoBlue, has initiated arbitration proceedings against the company. The shareholder is seeking a compensation of approximately Rs.345 crore from Polyplex in exchange for their stake in EcoBlue.

* Concord Biotech has received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for the inspection carried out at its Dholka facility between April 28 and May 2.

* Bondada Engineering has secured a Letter of Acceptance (LoA) for a Rs.836 crore project from the Tamil Nadu government to establish battery energy storage systems.

Technical Summary:

The index opened on a gap-up note, rallying to an intraday high of 25,317 during the first half of the session. However, it faced selling pressure near the R3 pivot resistance level, leading to a gradual decline through the second half. By the close, the index had drifted lower to register a day low of 24,999. On the sectoral front, PSU Banks and Tourism stocks outperformed, while Defence and CPSE sectors underperformed during the session.

Levels to watch:

The Nifty has its crucial resistance 25250 (Pivot Level) and 25350 (Key Resistance). While support on the downside is placed at 24950 (Pivot Level) and 24850 (Key Support).

What should short term traders expect?

The Index can be long if it sustains above 25100 for the potential target of 25250 with stop loss of 25030 level.

Technical Data Points

NIFTY SPOT: 25075 (+0.42%)

TRADING ZONE:

Resistance: 25250 (Pivot Level) and 25350 (Key Resistance).

Support: 24950 (Pivot Level) and 24850 (Key Support).

STRATEGY: Bullish till above24850 (Key Support).

BANK NIFTY SPOT: 56471 (+0.74%)

TRADING ZONE:

Resistance: 56800 (Multiple Touches) / 57049(Life High)

Support: 56000 (Pivot Level) / 55500 (Key Support).

STRATEGY: Bullish till above 55500 (Key Support).

SEBI Registration number is INH000000081.

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