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Market News:

* Solar Industries Ltd.’s subsidiary has secured a Rs 1,400 crore export contract to supply defence products over the next four years.

* Larsen & Toubro Ltd., in partnership with BAE Systems, has signed a contract with the Indian Army to supply BvS10 Sindhu vehicles, which will be manufactured at L&T’s Armoured Systems Complex in Hazira.

* H.G. Infra Engineering Ltd. has secured a Rs 274 crore contract from DLF Cyber City Developers for infrastructure development works in Gurugram.

Technical Summary:

The index opened on a muted note and briefly tested the previous day’s low. However, it soon staged a sharp recovery, forming higher tops and higher bottoms throughout the session. By the close, the index managed to sustain not only above the prior day’s high but also above the key 26,000 resistance level, highlighting renewed strength. On the daily scale, the index fully recovered from the previous session’s weakness and closed above the 5-DEMA, indicating improving sentiment and the re-establishment of short-term bullish momentum. Sectorally, IT and Capital Market indices emerged as the top gainers, while Media and Commoditie underperformed during the day.

Levels to watch:

The Nifty has its crucial resistance 26150 (Pivot Level) and 26300 (Key Resistance). While support on the downside is placed at 25900 (Pivot Level) and 25800 (Key Support).

What should short term traders expect?

The Index can long above 26050 for the potential target of 26150 & 26250 with stop loss 25950 of level.

Technical Data Points

NIFTY SPOT: 26047 (0.53%)

TRADING ZONE:

Resistance: 26150 (Pivot Level) and 26300 (Key Resistance).

Support: 25900 (Pivot Level) and 25800 (Key Support).

STRATEGY: Bullish till above 25800 (Key Support).

BANK NIFTY SPOT: 59194 (0.53%

TRADING ZONE:

Resistance: 59500 Pivot Level) / 59800 (Key Resistance)

Support: 58700 (Pivot Level) / 58300 (Key Support)

STRATEGY: Bullish till above 58300 (Key Support)

SEBI Registration number is INH000000081.

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