Resistance: 24400 (Pivot Level) and 24500 (Key Resistance) by GEPL Capital Ltd
Market News:
* GRSE wins Rs 1,032 Cr ONGC contract to build four Platform Supply Vessels (PSVs).
* Royal Enfield’s Rs 1,000-Crore Global Moment Hits An Indonesia Snag.
* B.R. Goyal Infrastructure bags Rs 377.54 crore UPEIDA contract for toll collection and O&M of Bundelkhand Expressway toll plazas over two years.
Technical Summary:
The index opened on a muted note and remained range-bound throughout the session, touching an intraday high of 24,331. On the daily chart, the index continues to form a higher high–higher low structure following its reversal from the rising trendline, indicating sustained positive momentum. However, the 200-DEMA now acts as the immediate resistance level and remains a key hurdle for further upside. On the sectoral front, Auto and the CPSE Index emerged as the top gainers, while Realty and Chemicals were the top underperformers during the session.
Levels to watch:
The Nifty has its crucial resistance 24400 (Pivot Level) and 24500 (Key Resistance). While support on the downside is placed at 24200 (Multiple Touches) and 24060 (Key Support).
What should short term traders expect?
The Index Can Long above 24300 for the potential target of 24450 the stop loss of 24230 level.
Technical Data Points NIFTY SPOT:
24296 (0.19%)
TRADING ZONE:
Resistance: 24400 (Pivot Level) and 24500 (Key Resistance)
Support: 24200 (Multiple Touches) and 24060 (Key Support).
STRATEGY: Bullish till above 24060 (Key Support).
BANK NIFTY SPOT:
57105 (-0.17%)
TRADING ZONE:
Resistance: 57500 (Pivot Level) and 58000 (Key Resistance)
Support: 56500 (Pivot Level) and 56000 (Key Support).
STRATEGY: Bullish till above 56000 (Key Support).
SEBI Registration number is INH000000081.
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