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Market News:

* Elgi Equipments Arm Receives Rs 25.6 Crore Tariff Refund From US Authority.

* AstraZeneca Pharma receives CDSCO approval for Benralizumab Injection.

* Karamtara Engineering Plans Rs 1,750 Crore IPO In August.

Technical Summary:

The index opened on a positive note but failed to sustain above the 100-DEMA, witnessing selling pressure at higher levels. The index gradually drifted lower and touched an intraday low of 24,186. On the daily timeframe, the index continued to trade within a six-day inside-bar formation, indicating a phase of consolidation and reduced volatility ahead of a potential breakout. On the sectoral front, Consumer Durables and Media emerged as the top gainers, while the Capital Market index was the top underperformer for the day.

Levels to watch:

The Nifty has its crucial resistance 24250 (Pivot Level) and 24400 (Key Resistance). While support on the downside is placed at 23900 (Pivot Level) and 23800 (Key Support).

What should short term traders expect?

The Index can SHORT below 24000 for the potential target of 23800 the stop loss of 24070 level.

TRADING ZONE:

Resistance: 24250 (Pivot Level) and 24400 (Key Resistance)

Support: 23900 (Pivot Level) and 23800 (Key Support).

STRATEGY: Bullish till above 23800 (Key Support).

SEBI Registration number is INH000000081.

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