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Market News:

• STL Networks emerged as the L1 bidder for a Rs 555 crore order from Power Grid Corporation of India.

• Great Eastern Shipping Takes Delivery Of Kamsarmax Vessel Jag Amit

• M&M’s Q2 PAT rose 12.9% YoY to Rs5,102 Cr, with revenue up 27.1%, while margins declined to 11.6%.

Technical Summary:

The index opened on a strong positive note, supported by favourable global cues, and witnessed a minor profitbooking phase during the first hour of trade. Thereafter, it gained significant momentum and staged a strong rally, maintaining a consistent higher-high and higher-low formation on intraday charts, indicating sustained buying interest. On the daily chart, the index formed a strong bullish candlestick pattern, further reinforcing the improving positive market structure. Among sectors, AUTO and FINANCIAL SERVICES outperformed, while the MEDIA index emerged as the major underperformer. Going forward, 24,800 remains the immediate resistance, while 23,900 is expected to act as a crucial support. As long as the index sustains above 23,900, the short-term outlook remains positive, with intermediate dips offering potential buying opportunities. A strict stop-loss of 23,900 is recommended.

Levels to watch:

The Nifty has its crucial resistance 24800 (Pivot Level) and 25000 (Key Resistance). While support on the downside is placed at 24200 (Pivot Level) and 23900 (Key Support).

What should short term traders expect?

The Index can be Long till it sustains above 23900 for the potential target of 24800 the stop loss of 24200 Level.

Technical Data Points

NIFTY SPOT: 24536.60 (+2.40%)

TRADING ZONE:

Resistance: 24800 (Pivot Level) and 25000 (Key Resistance)

Support: 24200 (Pivot Level) and 23900 (Key Support).

STRATEGY: BULLISH till above 23900 (Key Support)

BANK NIFTY SPOT: 57773.65 (+3.33%)

TRADING ZONE:

Resistance: 58300 (Pivot Level) and 58800 (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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