Index Declines in First Half, Trades Range-Bound Later - GEPL Capital Ltd
Market News:
* Kusumgar announced that Kinnar Mehta has resigned from his position as Chief Financial Officer (CFO).
* Zydus Lifesciences’ consolidated net profit declined 35.9% year-on-year to Rs 940 crore in Q1, compared with Rs 1,467 crore in the year-ago period, despite a 22% YoY increase in revenue to Rs 8,017 crore from Rs 6,574 crore.
* HCLTech clarified that its initial investigation into reports of a data breach suggests the compromised data, if any, may be limited in scope and several years old.
Technical Summary:
The index opened on a weaker note and continued to witness a gradual decline during the first half, while the second half remained largely range-bound. On the daily scale, the index is undergoing a shallow retracement and is now approaching its 200-DEMA, which remains a key support level. The RSI has witnessed a bearish crossover, indicating a lack of upside momentum and caution at higher levels. On the sectoral front, Pharma and Capital Market were the top gainers, while Cement and FMCG emerged as the top laggards.
Levels to watch:
The Nifty has its crucial resistance 24600 (Pivot Level) and 24750 (Key Resistance). While support on the downside is placed at 24350 (Multiple Touches) and 24200 (Key Support).
What should short term traders expect?
The Index Can Long above 24600 for the potential target of 24750 the stop loss of 24580 level.
Technical Data Points
NIFTY SPOT: 24471 (-0.46%)
TRADING ZONE:
Resistance: 24600 (Pivot Level) and 24750 (Key Resistance).
Support: 24350 (Multiple Touches) and 24200 (Key Support).
STRATEGY: Bullish till above 24200 (Key Support).
BANK NIFTY SPOT: 57446 (-0.42%)
TRADING ZONE:
Resistance: 58000 (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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