Nifty Opens Weak, Trades Range-Bound Near 24,300–24,350 - GEPL Capital Ltd
Market News:
* Vedanta has emerged as the successful bidder for a manganese block in Andhra Pradesh.
* Paisalo Digital has entered into a Memorandum of Understanding (MoU) with Chakrawiu Gannlalen Company, dated August 14, 2026.
* The Securities Appellate Tribunal (SAT) has granted interim relief to Zee Entertainment Enterprises (ZEE) against the SEBI order, allowing the company to proceed with its proposed preferential warrant issue.
Technical Summary:
The index opened on a weak note and remained range-bound around the 24,300–24,350 zone during the first half. However, in the second half, the index witnessed a sharp recovery after taking support from the 20-DEMA, indicating buying interest at lower levels. On the sectoral front, Media and Consumer Durables were the top gainers, while Capital Market and Pharma were the key underperformers for the day.
Levels to watch:
The Nifty has its crucial resistance 24600 (Pivot Level) and 24750 (Key Resistance). While support on the downside is placed at 24350 (Multiple Touches) and 24200 (Key Support).
What should short term traders expect?
The Index Can Long above 24500 for the potential target of 24650 the stop loss of 24430 level.
Technical Data Points
NIFTY SPOT: 24366 (-0.83%)
TRADING ZONE:
Resistance: 24600 (Pivot Level) and 24750 (Key Resistance).
Support: 24350 (Multiple Touches) and 24200 (Key Support).
STRATEGY: Bullish till above 24200 (Key Support).
BANK NIFTY SPOT: 57491 (-0.44%)
TRADING ZONE:
Resistance: 58000 (Pivot Level) and 58500(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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