index opened on a muted note and remained volatile throughout the session - GEPL Capital Ltd
Market News:
* FDC said its subsidiary has received Marketing Authorisation from the UK’s MHRA for its Atropine Eye Drop Solution, enabling the product’s commercialisation in the UK market.
* Granules India said Sanjay Kumar has been appointed as Chief Executive Officer of Ascelis Peptides, its subsidiary.
* Bharat Heavy Electricals Ltd. (BHEL) has signed an agreement with Norway-based Hystar AS to collaborate on electrolyser technology and systems for green hydrogen projects, strengthening its presence in the emerging green hydrogen ecosystem
Technical Summary:
The index opened on a muted note and remained volatile throughout the session. On the daily scale, the index formed a long lower wick, indicating buying interest emerging around the 20-DEMA, and managed to settle above the 200-DEMA, keeping the broader structure relatively positive. On the sectoral front, Defence and Chemicals were the top gainers, while Metal and Cement remained the key underperformers.
Levels to watch:
The Nifty has its crucial resistance 24500 (Pivot Level) and 24650 (Key Resistance). While support on the downside is placed at 24300 (Multiple Touches) and 24200 (Key Support).
What should short term traders expect?
The Index Can Long above 24450 for the potential target of 24650 the stop loss of 24320 level.
Technical Data Points
NIFTY SPOT: 24395 (-0.16%)
TRADING ZONE:
Resistance: 24500 (Pivot Level) and 24650 (Key Resistance).
Support: 24300 (Multiple Touches) and 24200 (Key Support).
STRATEGY: Bullish till above 24200 (Key Support).
BANK NIFTY SPOT: 57635 (-0.43%)
TRADING ZONE:
Resistance: 58100 (Pivot Level) and 58500(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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