The index opened on a weak note and slipped to an intraday low of 25,121 - GEPL Capital Ltd
Market News:
* Jio BlackRock Asset Management has secured approval from SEBI to launch four new mutual fund schemes, marking its official entry into the equity mutual fund space.
* ITC Hotels reported a strong performance in Q1 FY26, with consolidated revenue rising 15.5% YoY to Rs.815.54 crore. EBITDA grew by 19% to Rs.245 crore, up from Rs.206 crore, while margins improved to 30% from 29.2%.
* DB Corp posted a weak set of numbers for Q1 FY26, with consolidated revenue declining 5.2% YoY to Rs.559 crore from Rs.590 crore. EBITDA saw a sharp drop of 32.8% to Rs.111 crore compared to Rs.164 crore in the previous year, while EBITDA margins contracted significantly to 19.8% from 27.9%.
Technical Summary:
The index opened on a weak note and slipped to an intraday low of 25,121. However, it witnessed a sharp rebound, surging toward the previous day’s high and marking a session peak at 25,255. On the daily chart, the index has reclaimed its 26-day EMA, indicating a neutral stance in the near term. On the sectoral front, Nifty PSU Bank and Nifty IT led the gains, while Metal and Defence sectors emerged as the top underperformers for the day.
Levels to watch:
The Nifty has its crucial resistance 25300 (Pivot Level) and 25500 (Key Resistance). While support on the downside is placed at 25150 (Pivot Level) and 25000 (Key Support).
What should short term traders expect?
The Index can be LONG if it sustains above 25300 for the potential target of 25500 with stop loss of 25230 level.
Technical Data Points
NIFTY SPOT: 25202 (+0.03%)
TRADING ZONE:
Resistance: 25300 (Pivot Level) and 25500 (Key Resistance).
Support: 25150 (Pivot Level) and 25000 (Key Support).
STRATEGY: Bullish till above 25000 (Key Support).
BANK NIFTY SPOT: 57119 (+0.50%)
TRADING ZONE:
Resistance: 57500 (Pivot Level) / 57800 (Key Resistance)
Support: 56700 (Pivot Level) / 56300 (Key Support).
STRATEGY: Bullish till above 56300 (Key Support).
SEBI Registration number is INH000000081.
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