The Nifty has its crucial resistance 24500(Pivot Level) and 24600(Key Resistance) - GEPL Capital Ltd
Market News:
* KP Green Energy wins new orders worth Rs 239.61 crore (including taxes) across diversified business segments.
* Siyaram Recycling secures a Rs1.33 crore brass scrap order from Saanvi Metal Craft.
* PN Gadgil delivered 41% YoY revenue growth in Q1FY27, driven by 56% retail growth and improving revenue quality through a higher contribution from retail and studded jewellery.
Technical Summary:
The index opened on a muted note and touched an intraday high of 24,530 before witnessing profit booking in the second half of the trading session. On the daily timeframe, the index encountered resistance near its 200-day EMA, indicating signs of near-term exhaustion. Immediate support is now placed at the 24,250 and 24,150 levels. On the sectoral front, IT and Consumer Services emerged as the top gainers, while Defence and Realty were the key underperformers during the session.
Levels to watch:
The Nifty has its crucial resistance 24500(Pivot Level) and 24600(Key Resistance).
While support on the downside is placed at 24250 (Pivot Level) and 24150 (Key Support).
What should short term traders expect?
The Index can long above 24400 for the potential target of 24500 AND 24580 the stop loss of 24330 level.
Technical Data Points
NIFTY SPOT: 24352.9 (-0.32%)
TRADING ZONE:
Resistance: 24500(Pivot Level) and 24700(Key Resistance).
Support: 24250 (Pivot Level) and 24150 (Key Support).
STRATEGY: Bullish till above 24150 (Key Support).
BANK NIFTY SPOT: 58132.4 (-0.27%)
TRADING ZONE:
Resistance: 58800 (Pivot Level) and 59300 (Key Resistance)
Support: 57500 (Pivot Level) and 57000 (Key Support).
STRATEGY:
Bullish till above 57000 (Key Support).
SEBI Registration number is INH000000081.
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The index opened on a gap-up note and traded within a narrow range during the first half of ...
