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Market News:

* AGI Greenpac Ltd. has voluntarily prepaid a portion of its term loans amounting to Rs.193 crore, funded entirely through internal accruals.

* IDFC First Bank’s board has approved the execution of an amendment agreement with Currant Sea Investment.

* Arkade Developers has announced the acquisition of Filmistan for a cash consideration of Rs.183 crore. Upon completion, Filmistan will become a wholly-owned subsidiary

Technical Summary:

The index opened with a gap-up and remained rangebound during the first half of the session. In the latter half, it drifted lower toward the 25,400 mark. On the sectoral front, Capital Markets and Media outperformed, while PSU Banks and the Tourism index were the top underperformers of the day.

Levels to watch:

The Nifty has its crucial resistance 25500 (Pivot Level) and 25660 (Key Resistance). While support on the downside is placed at 25300 (Pivot Level) and 25200 (Key Support).

What should short term traders expect?

The Index can be long if it sustains above 25500 for the potential target of 25660 with stop loss of 25300 level.

Technical Data Points

NIFTY SPOT: 25397 (-0.22%)

TRADING ZONE:

Resistance: 25500 (Pivot Level) and 25660 (Key Resistance).

Support: 25300 (Pivot Level) and 25200 (Key Support).

STRATEGY: Bullish till above 25200 (Key Support).

BANK NIFTY SPOT: 56771 (-0.40%)

TRADING ZONE: Resistance: 57300 (Pivot Level) / 57800 (Key Resistance)

Support: 56500 (Pivot Level) / 56000 (Key Support).

STRATEGY: Bullish till above 56000 (Key Support).

SEBI Registration number is INH000000081.

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