The index opened on a muted note and remained volatile during the first half of the session by GEPL Capital Ltd
Market News:
* BEL bags Rs.1,011 Cr orders across defence electronics, communication systems, radars, and software solutions.
* Texmaco Rail & Engineering Ltd secures Rs.3.54 Cr order from Western Railway for anti-bird disc installation in Vadodara electrified section.
* Lupin and Zydus sign licensing agreement for co-marketing of innovative semaglutide injection in India
Technical Summary:
The index opened on a muted note and remained volatile during the first half of the session. In the second half, the index witnessed a recovery toward 23,656. On the daily timeframe, the index is facing resistance near 23,850, while 23,200 is likely to act as key support. On the sectoral front, Metal and Capital Market indices emerged as the top gainers, while IT and FMCG were the key underperformers for the day.
Levels to watch:
The Nifty has its crucial resistance 23700 (Pivot Level) and 23850 (Key Resistance). While support on the downside is placed at 23300 (Multiple Touches) and 23200 (Key Support).
What should short term traders expect?
The Index can SHORT below 23300 for the potential target of 23200 the stop loss of 23370 level.
Technical Data Points
NIFTY SPOT: 23558 (0.64%)
TRADING ZONE
Resistance: 23700 (Pivot Level) and 23850 (Key Resistance)
Support: 23300 (Multiple Touches) and 23200 (Key Support).
STRATEGY: Bearish Till Below 23850 (Key Resistance)
BANK NIFTY SPOT: 54838 (0.78%)
TRADING ZONE:
Resistance: 55500 (Pivot Level) / 56000 (Key Resistance)
Support: 54500 (Pivot Level) / 54000 (Key Support)
STRATEGY: Bearish Till Below 55500 (Key Resistance)
SEBI Registration number is INH000000081.
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