Nifty Sustains Above 23,000 Amid Strong Bullish Momentum - GEPL Capital
Market News:
• B. L. Kashyap and Sons Limited received orders worth Rs. 200.02 Cr.
• Omaxe Partners With Lemon Tree Hotels For 10 Hotels Across India
• Tata Chemicals wins Rs 908 crore arbitration claim filed by Allied Silica, but directed to pay Rs 1 crore.
Technical Summary:
The index opened on a positive note and witnessed a strong upward move during the first hour of the session, forming a higher-high and higher-low structure while sustaining above the 23,000 mark, indicating strong bullish momentum. However, after that consolidation has happened at higher levels. On the daily chart, the index formed a bullish candle with lower weaks, reflecting strong buying interest. On the sectoral front, IT and CEMENT emerged as the top-performing sectors, demonstrating relative strength and outperforming the broader market. Conversely, Consumer Durables and Oil & Gas underperformed, reflecting relative weakness.
Levels to watch:
The Nifty has its crucial resistance 23180 (Pivot Level) and 23500 (Key Resistance). While support on the downside is placed at 23000 (Multiple Touches) and 22800 (Key Support).
What should short term traders expect?
The Index can be Long above 23180 for the potential target of 23500 the stop loss of 23000 Level.
Technical Data Points
NIFTY SPOT: 23146.15 (+0.65%)
TRADING ZONE:
Resistance: 23180 (Pivot Level) and 23500 (Key Resistance)
Support: 23000(Multiple Touches) and 22800 (Key Support).
STRATEGY: BULLISH till above 22800 (Key Support)
BANK NIFTY SPOT: 55844 (+0.06%)
TRADING ZONE:
Resistance: 56100 (Pivot Level) and 56700 (Key Resistance)
Support: 55200 (Pivot Level) and 54700 (Key Support).
STRATEGY: BULLISH till above 55200 (Pivot Level)
SEBI Registration number is INH000000081.
Please refer disclaimer at https://geplcapital.com/term-disclaimerg
