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Market News:

* Bharat Forge Chairman Baba Kalyani opposed mediation in the family dispute over control and shareholding, while the Bombay High Court said mediation requires consent from all parties, with one side seeking more time for talks.

* Muthoot Finance has approached IRDAI for approval to operate as a corporate agent and insurance intermediary, seeking to participate across all insurance segments.

* HG Infra has secured a Rs 519 crore order in Uttar Pradesh for civil and railway works.

Technical Summary:

The index opened on a gap-up note and remained range-bound throughout the session, hovering around the 24,200 level. On the daily scale, the index continues to sustain above the 50-DEMA, indicating a stable near-term structure, while momentum indicators remain in positive territory. From a sectoral perspective, all major indices ended on a positive note, with Capital Markets and Consumer Durables emerging as the top gainers.

Levels to watch:

The Nifty has its crucial resistance 24350 (Pivot Level) and 24500 (Key Resistance). While support on the downside is placed at 24100 (Multiple Touches) and 23900 (Key Support).

What should short term traders expect?

The Index can LONG above 24300 for the potential target of 24400 the stop loss of 24230 level..

Technical Data Points

NIFTY SPOT: 24214 (1.56%)

TRADING ZONE:

Resistance: 24350 (Pivot Level) and 24500 (Key Resistance)

Support: 24100 (Multiple Touches) and 23900 (Key Support).

STRATEGY: Bullish Till above 23900 (Key Support).]

BANK NIFTY SPOT: 56255 (1.17%)

TRADING ZONE:

Resistance: 56800 (Pivot Level) / 57500 (Key Resistance)

Support: 55700 (Pivot Level) / 55200 (Key Support)

STRATEGY: Bullish Till above 55200 (Key Support).

SEBI Registration number is INH000000081.

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