Index Opens Muted, Remains Rangebound - GEPL Capital Ltd
Market News:
* Pace Digitek received a Rs 92.5 crore order from Kalpa Power to supply a battery energy storage system with a capacity of 100 MWh.
* Zydus Lifesciences received final approval from the USFDA for Ascorbic Acid Injection.
* Ceigall India Wins Rs 225 Crore Project In Himachal Pradesh.
Technical Summary:
THE INDEX OPENED ON A MUTED NOTE AND REMAINED RANGEBOUND THROUGHOUT THE SESSION. HOWEVER, IT SLIPPED BELOW THE 20 DEMA, INDICATING A CAUTIOUS UNDERTONE IN THE NEAR TERM. ON THE SECTORAL FRONT, METAL AND CPSE WERE THE TOP GAINERS, WHILE FMCG AND MEDIA EMERGED AS THE TOP UNDERPERFORMERS.
Levels to watch:
The Nifty has its crucial resistance 24300 (Pivot Level) and 24450 (Key Resistance). While support on the downside is placed at 24000 (Multiple Touches) and 23900 (Key Support).
What should short term traders expect?
The Index Can Short below 24180 for the potential target of 24000 the stop loss of 24250 level.
Technical Data Points
NIFTY SPOT: 24252 (-0.47%)
TRADING ZONE:
Resistance: 24300 (Pivot Level) and 24450 (Key Resistance)
Support: 24000 (Multiple Touches) and 23900 (Key Support).
STRATEGY: BEARISH TILL BELOW 24300 (Pivot Level)
BANK NIFTY SPOT: 57495 (0.45%)
TRADING ZONE:
Resistance: 58000 (Pivot Level) and 58500 (Key Resistance)
Support: 57500 (Pivot Level) and 56500 (Key Support).
STRATEGY: Bullish till above 56500 (Key Support).
SEBI Registration number is INH000000081.
Please refer disclaimer at https://geplcapital.com/term-disclaimerg
