IGI Logo

Market News:

* Premier Energies has commissioned a 5.6 GW solar manufacturing facility in Telangana, taking its total module capacity past the 10 GW mark.

* Vedanta clarified that there are no material developments regarding reports of a proposed $5 billion investment in the US energy sector.

* Sun Pharma said its Gliostar trial did not meet the primary endpoint.

Technical Summary:

The index opened with a gap-down amid escalating Middle East tensions and a sharp rise in Brent crude, which weighed on overall equity market sentiment. It has breached the 22,500 support level, indicating caution for the near to mid-term outlook, with the next key support placed around 21,900. On the sectoral front, the PSU Bank and Financial Services indices emerged as the primary laggards, contributing to the downside pressure during the session.

Levels to watch:

The Nifty has its crucial resistance 22500 (Pivot Level) and 22900 (Key Resistance). While support on the downside is placed at 22200 (Multiple Touches) and 21900 (Key Support).

What should short term traders expect?

The Index can SHORT below 22300 for the potential target of 22200 the stop loss of 22370 level.

Technical Data Points

NIFTY SPOT: 22379 (-1.93%)

TRADING ZONE:

Resistance: 22500 (Pivot Level) and 22900 (Key Resistance)

Support: 22200 (Multiple Touches) and 21900 (Key Support).

STRATEGY: Bearish Till Below 22900 (Key Resistance)

BANK NIFTY SPOT: 50403 (-3.58%)

TRADING ZONE:

Resistance: 51500 (Pivot Level) / 52500 (Key Resistance)

Support: 50000 (Pivot Level) / 49500 (Key Support)

STRATEGY: Bearish Till Below 52500 (Key Resistance)

SEBI Registration number is INH000000081.

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