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Market News:

* Instamart partners with HPCL to launch on-demand LPG cylinder delivery in Bengaluru, offering 10 kg HP Navya and 5 kg cylinders without requiring an existing LPG connection.

* Apollo Micro Secures Orders Worth Rs 134.3 Crore, Subsidiary Wins Rs 55.2 Crore Orders.

* Raymond Realty to develop its eighth Mumbai joint development project with an estimated GDV of Rs 8,500 Cr.

Technical Summary:

The index opened on a positive note and initially touched an intraday high of 24,220. It remained range-bound during the first half of the session; however, selling pressure emerged in the second half, pushing the index lower as it continued to face resistance near the 100-day EMA. On the daily timeframe, the index formed a Doji candlestick, reflecting indecision among market participants. On the sectoral front, PSU Bank and Consumer Durables emerged as the top gainers, while Metal and CPSE were the major underperformers 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.

Technical Data Points NIFTY SPOT: 24074.80 (0.09%)

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).

BANK NIFTY SPOT: 57722 (0.45%)

TRADING ZONE:

Resistance: 58500 (Pivot Level) and 59300 (Key Resistance)

Support: 57000 (Pivot Level) and 56500 (Key Support).

STRATEGY: Bullish till above 56500 (Key Support).

SEBI Registration number is INH000000081.

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