The index opened on a weak note and gradually drifted lower toward the previous day’s low by GEPL Capital Ltd
Market News:
* Brent crude oil prices moved back above $100 a barrel after rising 1.8% in trade.
* Tech Mahindra is driving an AI-led shift, delivering value and sustaining $1B+ deal wins.
* Premier Explosives Limited secured Rs.350.23 Cr defence export orders, to be executed over 2 years.
Technical Summary:
The index opened on a weak note and gradually drifted lower toward the previous day’s low. However, on the daily timeframe, it continues to sustain above its 20 and 50 DEMA, indicating that the short-term trend remains positive. On the sectoral front, defence and energy stocks emerged as the top performers, while the services sector witnessed relative underperformance.
Levels to watch:
The Nifty has its crucial resistance 24500 (Pivot Level) and 24700 (Key Resistance). While support on the downside is placed at 24200 (Multiple Touches) and 24100 (Key Support).
What should short term traders expect?
The Index can LONG above 24400 for the potential target of 24500 the stop loss of 24330 level.
Technical Data Points
NIFTY SPOT: 24367 (-0.85%)
TRADING ZONE:
Resistance: 24500 (Pivot Level) and 24700 (Key Resistance)
Support: 24200 (Multiple Touches) and 24100 (Key Support).
STRATEGY: Bullish Till above 24100 (Key Support).
BANK NIFTY SPOT: 57114 (-0.45%)
TRADING ZONE:
Resistance: 57800 (Pivot Level) / 58500 (Key Resistance)
Support: 56500 (Pivot Level) / 56000 (Key Support)
STRATEGY: Bullish Till above 56000 (Key Support).
SEBI Registration number is INH000000081.
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