The index opened on a muted note and witnessed profit booking from the 23,990 level by GEPL Capital Ltd
Market News:
* BEML has signed an agreement with Delhi Metro Rail Corporation to jointly pursue project opportunities.
* Bosch Ltd will acquire Bosch Chassis Systems India Pvt Ltd for Rs 9,068.68 crore to buy a 100% stake.
* Maharashtra Seamless said its subsidiary, Internovia Natural Resources, has been voluntarily struck off.
Technical Summary:
The index opened on a muted note and witnessed profit booking from the 23,990 level, gradually drifting lower toward the 23,700 mark. The 24,000 level, which holds the maximum Call OI, continues to act as an immediate resistance for the index. On the sectoral front, defence and capital market stocks emerged as the top gainers, while private banks and financial services remained the key underperformers during the session.
Levels to watch:
The Nifty has its crucial resistance 24000 (Pivot Level) and 24250 (Key Resistance). While support on the downside is placed at 23700 (Multiple Touches) and 23500 (Key Support)
What should short term traders expect?
The Index can LONG above 23880 for the potential target of 24000 the stop loss of 23800 level.
Technical Data Points
NIFTY SPOT: 23768 (-0.95%)
TRADING ZONE:
Resistance: 24000 (Pivot Level) and 24250 (Key Resistance).
Support: 23700 (Multiple Touches) and 23500 (Key Support).
STRATEGY: Bullish Till above 23500 (Key Support).
BANK NIFTY SPOT: 54818 (-1.59%)
TRADING ZONE:
Resistance: 55800 (Pivot Level) / 56500 (Key Resistance)
Support: 54200 (Pivot Level) / 51500 (Key Support)
STRATEGY: Bullish Till above 51500 (Key Support).
SEBI Registration number is INH000000081.
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