Index Recovers After Finding Support Near 22,500 Mark - GEPL Capital
Market News:
• JSW Cement expects recent price hikes to offset fuel cost pressures, supported by higher domestic fuel usage.
• Marine Electricals bags Rs 362.34 crore orders for power distribution systems from Princeton Digital Group and DXDC Chennai.
• Jyoti Structures secures Rs 648.91 crore Power Grid order for an ±800 kV HVDC transmission line package in Gujarat.
Technical Summary:
The index opened on a flattish note and found support near the crucial 22,500 level, subsequently witnessing a recovery that pushed it to an intraday high of 22,778 during the afternoon session. On the daily chart, the index formed a Doji candlestick pattern, indicating indecision among market participants and a continued range-bound undertone. Among sectors, Auto and Healthcare outperformed, while Oil & Gas and IT emerged as the major underperformers. Going forward, 22,800 will act as an immediate resistance, while 22,500 remains a crucial support level. A sustained breakout above 22,800 could strengthen the ongoing recovery and open the door for further upside, whereas a decisive break below 22,500 may trigger renewed selling pressure and extend the downside momentum.
Levels to watch:
The Nifty has its crucial resistance 22800 (Pivot Level) and 23180 (Key Resistance). While support on the downside is placed at 22500 (Pivot Level) and 22100 (Key Support).
What should short term traders expect?
The Index can be Long above 22800 for the potential target of 23180 the stop loss of 22500 Level.
Technical Data Points
NIFTY SPOT: 22698.85 (-0.22%)
TRADING ZONE:
Resistance: 22800 (Pivot Level) and 23180 (Key Resistance)
Support: 22500(Pivot Level) and 22100 (Key Support).
STRATEGY: BULLISH above 22800 (Pivot Level)
BANK NIFTY SPOT: 54267.40 (+0.54%)
TRADING ZONE:
Resistance: 54700 (Pivot Level) and 56100 (Key Resistance)
Support: 53700 (Pivot Level) and 53000 (Key Support).
STRATEGY: BULLISH above 54700 (Pivot Level)
SEBI Registration number is INH000000081.
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