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Market News:

* The government is likely to consider restarting the bidding process for IDBI Bank’s privatization, as the offers received so far are reportedly well below its valuation expectations.

* Marine Electricals (India) has secured orders worth Rs.115 crore (excluding taxes) from Larsen & Toubro for the supply, installation, testing, and commissioning of LT boards and branch panels for Tata Semiconductor Manufacturing Pvt. Ltd.

* PNGS Reva reported a strong Q4 update, with revenue (excluding gold sales) rising 96.9% YoY to Rs.138.2 crore.

Technical Summary:

The index opened on a weak note and remained range-bound during the first half of the session. However, in the second half, it witnessed a sharp recovery, rallying toward the 22,998 level. Despite the intraday bounce, the broader trend on the daily scale continues to favor a “sell on rise” approach in the near term, indicating underlying weakness. On the sectoral front, consumer durables and PSU banks emerged as the top gainers, while media and oil & gas stocks underperformed during the session.

Levels to watch:

The Nifty has its crucial resistance 23200 (Pivot Level) and 23300 (Key Resistance). While support on the downside is placed at 22700 (Multiple Touches) and 22500 (Key Support).

What should short term traders expect?

The Index can SHORT below 22900 for the potential target of 22700 the stop loss of 22970 level.

Technical Data Points

NIFTY SPOT: 22957 (+1.08%)

TRADING ZONE:

Resistance: 23200 (Pivot Level) and 23300 (Key Resistance)

Support: 22700 (Multiple Touches) and 22500 (Key Support)

STRATEGY: Bearish Till Below 23300 (Key Resistance)

BANK NIFTY SPOT: 52585 (+2.01%)

TRADING ZONE:

Resistance: 53000 (Pivot Level) / 53800 (Key Resistance)

Support: 52000 (Pivot Level) / 51500 (Key Support)

STRATEGY: Bearish Till Below 53800 (Key Resistance)

SEBI Registration number is INH000000081.

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