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Market News:

* Paras Defence and Space Technologies Ltd.’s subsidiary, Paras Anti-Drone Tech, secured a Rs.3.95 crore order from the Defence Ministry for supply of anti-drone systems.

* Zydus Lifesciences received approval from China’s NMPA for Venlafaxine extended-release capsules, used in the treatment of depression and anxiety disorders.

* Acme Solar Holdings secured a 450 MW–1,800 MW power project from SJVN at a tariff of Rs.6.75 per unit.

Technical Summary:

The index opened on a weak note and slipped to an intraday low of 25,449 during the first half of the session. However, it witnessed a sharp recovery in the latter half, reclaiming the 20-DEMA and sustaining above the 12- DEMA, which earlier acted as a resistance zone. On the daily scale, the index continued to form higher highs, indicating a positive sentiment. On the sectoral front, Defence and IT emerged as the top gainers, while Media and Realty sectors remained the key underperformers for the day.

Levels to watch:

The Nifty has its crucial resistance 25800 (Multiple Touches) and 25900 (Key Resistance). While support on the downside is placed at 25550 (Pivot Level) and 25450 (Key Support)

What should short term traders expect?

The Index can long above 25700 for the potential target of 25800 with stop loss 25630 of level.

Technical Data Points NIFTY SPOT: 25705 (+0.51%)

TRADING ZONE:

Resistance: 25800 (Multiple Touches) and 25900 (Key Resistance).

Support: 25550 (Pivot Level) and 25450 (Key Support).

STRATEGY: Bullish Till Above 25450 (Key Support).

BANK NIFTY SPOT: 58150 (+0.37%)

TRADING ZONE:

Resistance: 58300 (Pivot Level) / 58600 (Key Resistance)

Support: 57700 (Pivot Level) / 57300 (Key Support)

STRATEGY: BULLISH TILL ABOVE 57300 (Key Support)

SEBI Registration number is INH000000081.

Please refer disclaimer at https://geplcapital.com/term-disclaimer