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Market News:

* Jindal Saw announced that the American Petroleum Institute (API) has reinstated all of the company’s licences.

* Jaguar Land Rover (JLR), a subsidiary of Tata Motors, has announced a recall of 250,857 SUVs in the US due to an airbag defect that may elevate the risk of injury in the event of a crash.

* Reliance Industries is planning to enter the low-alcohol beverages segment in India

Technical Summary:

The index opened on a positive note and touched an intraday high of 24,261 before witnessing profit booking in the latter half of the session. The subsequent decline pushed the index below its 100-DEMA, indicating a lack of directional conviction and reinforcing the ongoing range-bound market structure on the daily timeframe. On the sectoral front, Auto and Consumer Durables emerged as the top-performing sectors, reflecting selective buying interest, while CPSE and Metal stocks underperformed and ended the session in the red.

Levels to watch:

The Nifty has its crucial resistance 24260 (Pivot level) and 24500 (Key Resistance).

While support on the downside is placed at 23950 (Pivot level) and 23800 (Key Support).

What should short term traders expect?

The Index can long above 24150 for the potential target of 24260 and 24350 the stop loss of 24050 level.

Technical Data Points NIFTY SPOT: 24052 (0.13%)

TRADING ZONE:

Resistance: 24260 (Pivot level) and 24500 (Key Resistance)

Support: 23950 (Pivot level) and 23800 (Key Support).

STRATEGY: Bullish till above 23800 (Key Support).

BANK NIFTY SPOT: 58187 (0.06%)

TRADING ZONE:

Resistance: 58800 (Pivot Level) and 59300 (Key Resistance)

Support: 57500 (Pivot Level) and 57000 (Key Support).

STRATEGY: Bullish till above 57000 (Key Support)

SEBI Registration number is INH000000081.

Please refer disclaimer at https://geplcapital.com/term-disclaimerg