Index Signals Caution as Metal, Capital Market Gain - GEPL Capital Ltd
Market News:
* Awfis Space Plans To Add Up To 24,000 Seats by FY26.
* RITES Signs MoU With NHIDCL For Infrastructure Projects
* SS Retail Plans To Add 240 Stores In Two Years.
Technical Summary:
The index has formed an Inside Day candlestick pattern and witnessed exhaustion near its 12-day DEMA, indicating a cautious near-term trend. On the sectoral front, Metal and Capital Market emerged as the top gainers, while Media and IT were the major underperformers for the day.
Levels to watch:
The Nifty has its crucial resistance 23600 (Pivot Level) and 23800 (Key Resistance). While support on the downside is placed at 23150 (Multiple Touches) and 23000 (Key Support).
What should short term traders expect?
The Index Can Short below 23300 for the potential target of 23100 the stop loss of 23380 level.
Technical Data Points
NIFTY SPOT: 23446 (0.50%)
TRADING ZONE:
Resistance: 23600 (Pivot Level) and 23800 (Key Resistance)
Support: 23150 (Multiple Touches) and 23000 (Key Support).
STRATEGY: BEARISH TILL BELOW 23800 (Key Resistance)
BANK NIFTY SPOT: 56548 (0.59%)
TRADING ZONE:
Resistance: 57000 (Pivot Level) and 57500(Key Resistance)
Support: 55700 (Pivot Level) and 55000 (Key Support).
STRATEGY: BEARISH TILL BELOW 57000 (Pivot Level)
SEBI Registration number is INH000000081.
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