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Market News:

• Tata Motors Ltd. indicated that Jaguar Land Rover's free cash flow for the year may hover around zero, sparking concerns over its short-term profitability and cash generation capability.

• United Drilling has secured an order worth ?108 crore from Oil and Natural Gas Corporation (ONGC) for the supply of large outer diameter casing pipes with connectors.

• Nazara Technologies Ltd. Has launched Pokerverse VR, expanding its footprint in the virtual reality gaming segment.

Technical Summary:

The index opened on a positive note, retested the previous day’s close, and then sharply rebounded to break the key resistance level of 24,850, hitting a day high of 24,967. In the second half, it remained rangebound around 24,950 until the close. On the sectoral front, all major sectors ended in the green, with IT and Tourism indices outperforming for the day.

Levels to watch:

The Nifty has its crucial resistance 25100 (Pivot Level) and 25250 (Key Resistance). While support on the downside is placed at 24800 (Pivot Level) and 24700 (Key Resistance).

What should short term traders expect?

The Index can be long if it sustains above 25000 for the potential target of 25100 & 25200 with stop loss of 24870 level

Technical Data Points

NIFTY SPOT: 24939 (+0.89%)

TRADING ZONE:

Resistance: 25100 (Pivot Level) and 25250 (Key Resistance)

Support: 24800 (Pivot Level) and 24700 (Key Resistance).

STRATEGY: Bullish till above 24700 (Key Support).

BANK NIFTY SPOT: 55972 (+0.80%)

TRADING ZONE:

Resistance: 56500 (Multiple Touches) / 57049 (Key Resistance)

Support: 55500 (Pivot Level) / 55000 (Key Support).

STRATEGY: Bullish till above 55000 (Key Support).

SEBI Registration number is INH000000081.

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