The index opened on a weak note and continued to drift lower throughout the session - GEPL Capital Ltd
Market News:
* HCLTech has announced an investment of Rs185 crore to establish a semiconductor laboratory in Bengaluru
* Ceigall India has emerged as the H1 bidder for the leasing of stone blocks in Nawada district, Bihar, through a competitive bidding process conducted via e-reverse auction by the Government of Bihar.
* Torrent Green, a subsidiary of Torrent Power, has commissioned solar projects with a combined capacity of 322 MWp in Maharashtra.
Technical Summary:
The index opened on a weak note and continued to drift lower throughout the session, closing near the day’s lows. On the daily scale, the index continues to form lower tops and lower bottoms, while sustaining below key moving averages indicates cautious sentiment. On the sectoral front, Defence and Media were the top gainers, whereas Private Banks and Financial Services emerged as the top underperforming sectors.
Levels to watch:
The Nifty has its crucial resistance 23900 (Pivot Level) and 24000 (Key Resistance). While support on the downside is placed at 23500 (Multiple Touches) and 23300 (Key Support).
What should short term traders expect?
The Index Can Short below 23600 for the potential target of 23500 AND 23300 the stop loss of 23670 level.
Technical Data Points
NIFTY SPOT: 23635 (-0.61%)
TRADING ZONE:
Resistance: 23900 (Pivot Level) and 24000 (Key Resistance).
Support: 23500 (Multiple Touches) and 23300 (Key Support).
STRATEGY: BEARISH TILL BELOW 24000 (Key Resistance)
BANK NIFTY SPOT: 56777 (-0.54%)
TRADING ZONE:
Resistance: 57500 (Pivot Level) and 58000(Key Resistance)
Support: 56800 (Pivot Level) and 56500 (Key Support).
STRATEGY: BEARISH TILL BELOW 57500 (Pivot Level)
SEBI Registration number is INH000000081.
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