The index opened with a major gap-down amid escalating geopolitical tensions between Israel and Iran, coupled with global selling pressure - GEPL Capital
Market News:
• Diamond Power has secured orders worth Rs 117 crore across diverse segments, including battery energy storage systems, smart metering solutions, and a highway infrastructure project.
• Kernex Microsystems has bagged a Rs 311 crore order from Southern Railways for the supply and installation of Kavach systems.
• South Asia Growth Fund II Housing has pared its stake in Premier Energies, reducing its holding from 11.1% to 5.6%.
Technical Summary:
The index opened with a major gap-down amid escalating geopolitical tensions between Israel and Iran, coupled with global selling pressure. Despite the weak start, it managed to recover from the key support zone near 24,500 and held above its 50-day EMA, indicating a neutral sentiment as long as it sustains above this level. However, a break below 24,385 could lead to further downside toward the 24,000 and 23,850 levels. In the current market environment, a cautious approach is advisable
Levels to watch:
The Nifty has its crucial resistance 24850 (Pivot Level) and 25100 (Key Resistance). While support on the downside is placed at 24500 (Pivot Level) and 24385 (Key Resistance).
What should short term traders expect?
The Index can be long if it sustains above 24700 for the potential target of 24850 with stop loss of 24630 level
Technical Data Points
NIFTY SPOT: 24736 (-0.61%)
TRADING ZONE:
Resistance: 24850 (Pivot Level) and 25100 (Key Resistance).
Support: 24500 (Pivot Level) and 24385 (Key Support).
STRATEGY: Bullish till above 24385 (Key Support).
BANK NIFTY SPOT: 55576 (-0.90%)
TRADING ZONE: Resistance: 56000 (Multiple Touches) / 56500 (Key Resistance)
Support: 55000 (Pivot Level) / 54700 (Key Support).
STRATEGY: Bullish till above 54700 (Key Support).
SEBI Registration number is INH000000081.
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