The index opened on a gap-up note but gradually drifted lower through the session by GEPL Capital Ltd
Market News:
* Karur Vysya Bank reported a 14.9% YoY growth in total business to Rs.1.8 lakh crore as of March 31. Advances grew 16.9% to ?84,491 crore, while deposits rose 13.3% to Rs.1.02 lakh crore.
* GE Shipping has signed a contract to acquire a secondhand medium-range tanker, built in 2014, which is expected to join its fleet in Q1 FY27.
* Petronet LNG has commissioned additional regasification capacity at its Dahej terminal, taking total capacity up to 22.5 MMTPA.
Technical Summary:
The index opened on a gap-up note but gradually drifted lower through the session. On the daily timeframe, it continues to remain in a “sell on rise” phase, forming lower tops and lower bottoms while sustaining below key moving averages, indicating a cautious near-term outlook. On the sectoral front, Defence and Capital Market stocks were the top gainers, whereas Pharma and Healthcare witnessed profit booking.
Levels to watch:
The Nifty has its crucial resistance 22900 (Pivot Level) and 23300 (Key Resistance). While support on the downside is placed at 22500 (Multiple Touches) and 21900 (Key Support).
What should short term traders expect?
The Index can SHORT below 22600 for the potential target of 22300 the stop loss of 22800 level.
Technical Data Points
NIFTY SPOT: 22701 (1.66%)
TRADING ZONE:
Resistance: 22900 (Pivot Level) and 23300 (Key Resistance)
Support: 22500 (Multiple Touches) and 21900 (Key Support).
STRATEGY: Bearish Till Below 23300 (Key Resistance)
BANK NIFTY SPOT: 51523 (-2.48%)
TRADING ZONE:
Resistance: 52300 (Pivot Level) / 53000 (Key Resistance)
Support: 51000 (Pivot Level) / 50300 (Key Support)
STRATEGY: Bearish Till Below 53000 (Key Resistance).
SEBI Registration number is INH000000081.
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