The Nifty 50 opened on a gap-down note and extended its bearish momentum toward the day’s low of 23,112 by GEPL Capital Ltd
Market News:
* IDFC First Bank clarified that its Chandigarh branch carries no additional financial liability. The bank added that it has completed the reconciliation of the relevant accounts at the branch.
* Tata Motors’ Commercial Vehicles division has secured cumulative orders for over 5,000 buses and bus chassis from multiple State Transport Undertakings (STUs) across the country.
* Zydus Lifesciences has received final approval from the USFDA for Cevimeline Hydrochloride Capsules (30 mg), indicated for the symptomatic treatment of dry mouth (xerostomia) associated with Sjögren’s syndrome
Technical Summary:
The Nifty 50 opened on a gap-down note and extended its bearish momentum toward the day’s low of 23,112. On the daily chart, the price structure continues to weaken, with the index forming lower tops and lower bottoms, while the gap-down opening reflects a cautious undertone in the market. On the sectoral front, most major indices ended in the red, with Metal and Defence emerging as the top underperformers for the day.
Levels to watch:
The Nifty has its crucial resistance 23500 (Pivot Level) and 23800 (Key Resistance). While support on the downside is placed at 23000 (Multiple Touches) and 22750 (Key Support).
What should short term traders expect?
The Index can SHORT below 23200 for the potential target of 22900 the stop loss of 23280 level.
Technical Data Points
NIFTY SPOT: 23170 (-1.98%)
TRADING ZONE
Resistance: 23500 (Pivot Level) and 23800 (Key Resistance)
Support: 23000 (Multiple Touches) and 22750 (Key Support).
STRATEGY: Bearish Till Below 24800 (Key Resistance)
BANK NIFTY SPOT: 53769 (-2.42%)
TRADING ZONE:
Resistance: 54500 (Pivot Level) / 55500 (Key Resistance)
Support: 53000 (Pivot Level) / 52300 (Key Support)
STRATEGY: Bearish Till Below 55500 (Key Resistance).
SEBI Registration number is INH000000081.
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