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Market News:

* Patel Engineering Limited won a Rs.230.7 crore LOA from Dorjilung Hydro Power Limited for preconstruction works of the 1,125 MW hydropower project in Bhutan

* Tata Steel launches India’s first scrap-based EAF, targeting sub-0.3 tCO? per tonne steel emissions.

* Natco Pharma launches affordable generic Semaglutide injection in India, priced from Rs.1,290 per multidose via.

Technical Summary:

The index opened on a positive note following a decline in Brent crude from $119. However, due to a weak nearterm structure on the daily chart—characterized by lower highs—selling pressure emerged. A similar price action was observed today, where the index, after opening positive, gradually drifted lower and settled at 23,135. On the sectoral front, IT and PSU Banks were the top gainers, while Capital Market and Realty stocks underperformed.

Levels to watch:

The Nifty has its crucial resistance 23400 (Pivot Level) and 23850 (Key Resistance). While support on the downside is placed at 23000 (Multiple Touches) and 22750 (Key Support).

What should short term traders expect?

The Index can SHORT below 23000 for the potential target of 22800 the stop loss of 23070 level.

Technical Data Points

NIFTY SPOT: 23135 (0.58%)

TRADING ZONE

Resistance: 23400 (Pivot Level) and 23850 (Key Resistance).

Support: 23000 (Multiple Touches) and 22750 (Key Support).

STRATEGY: Bearish Till Below 23850 (Key Resistance)

BANK NIFTY SPOT: 53455 (0.01%)

TRADING ZONE:

Resistance: 54000 (Pivot Level) / 54600 (Key Resistance)

Support: 53000 (Pivot Level) / 52500 (Key Support)

STRATEGY: Bearish Till Below 54600 (Key Resistance)

SEBI Registration number is INH000000081.

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