The index opened on a weak note and remained range bound - GEPL Capital Ltd
Market News:
* Kalyan Jewellers Sees Demand Recovery, Plans 84 New Stores This Year.
* Ajmera Realty To Raise up to Rs 500 Crore Through NCDs.
* Man Industries Secures Rs 600 Crore Orders for Pipe Supply
Technical Summary:
The index opened on a weak note and remained range bound, hovering around its previous day’s low. The index eventually closed at 23,477, while the overall trend continues to remain cautious as it sustains below the 40-hour moving average, indicating persistent near-term weakness. On the sectoral front, Financial Services and CPSE were the top gainers, while Defence and Metal emerged as the top underperformers.
Levels to watch:
The Nifty has its crucial resistance 23500 (Pivot Level) and 23800 (Key Resistance). While support on the downside is placed at 23300 (Multiple Touches) and 23000 (Key Support).
What should short term traders expect?
The Index Can Short below 23400 for the potential target of 23300 AND 23250 the stop loss of 23480 level.
Technical Data Points
NIFTY SPOT: 23477 (0.20%)
TRADING ZONE:
Resistance: 23500 (Pivot Level) and 23800 (Key Resistance)
Support: 23300 (Multiple Touches) and 23000 (Key Support).
STRATEGY: BEARISH TILL BELOW 23800 (Key Resistance)
BANK NIFTY SPOT: 56471 (0.31%)
TRADING ZONE:
Resistance: 57000 (Pivot Level) and 57500(Key Resistance)
Support: 55500 (Pivot Level) and 55000 (Key Support).
STRATEGY: BEARISH TILL BELOW 57000 (Pivot Level)
SEBI Registration number is INH000000081.
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