Resistance: 24700 (Pivot Level) and 24800 (Key Resistance) by GEPL Capital Ltd
Market News:
* NBCC (India) has received two construction orders with a combined value of Rs 801 Cr.
* Tips Music Approves Share Buyback Worth Rs 44.5 Cr.
* Ramco Cements Raises Rs 25.7 Crore Through Latest Non-Core Asset Sale.
Technical Summary:
The index opened on a gap-up note but gradually drifted lower through most of the trading session. Buying interest emerged in the final hour, helping the index recover part of its intraday losses and close above the 24,600 mark, indicating a positive underlying bias. On the sectoral front, Metal and Auto emerged as the top gainers, while Media and Capital Market were the leading underperformers for the day.
Levels to watch:
The Nifty has its crucial resistance 24700 (Pivot Level) and 24800 (Key Resistance). While support on the downside is placed at 24500 (Multiple Touches) and 24300 (Key Support).
What should short term traders expect?
The Index Can Long above 24700 for the potential target of 24850 the stop loss of 24630 level.
Technical Data
Points NIFTY SPOT: 24624 (0.04%)
TRADING ZONE:
Resistance: 24700 (Pivot Level) and 24800 (Key Resistance).
Support: 24500 (Multiple Touches) and 24300 (Key Support).
STRATEGY: Bullish till above 24300 (Key Support)
BANK NIFTY SPOT: :57739 (-0.29%)
TRADING ZONE:
Resistance: 58500 (Pivot Level) and 59000 (Key Resistance)
Support: 57500(Pivot Level) and 56500 (Key Support).
STRATEGY: Bullish till above 56500 (Key Support).
SEBI Registration number is INH000000081.
Please refer disclaimer at https://geplcapital.com/term-disclaimerg
