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Market News:

* LTIMindtree introduced BlueVerse RightAction, a platform designed to ensure safer and compliant deployment of enterprise AI solutions.

* ABB India to invest Rs.140 crore in expanding and modernising its low-voltage motor plant; unveils IE5 Ultra-Premium efficiency motors.

* Dilip Buildcon, in consortium, secured a Rs.2,905 crore Letter of Award for a water grid project in Rajasthan.

Technical Summary:

The index opened gap down. In the initial hours, the Index gave a bounced back and made a day’s high at 25092 level. And after that it moved down with the formation of Lower High Lower Low. On the daily scale, it has been forming lower lows for the last five consecutive sessions, with the 25,000–25,350 zone likely to act as a crucial resistance. Sector-wise, METAL outperformed, while REALTY and IT lagged.

Levels to watch:

The Nifty has its crucial resistance 25000 (Pivot Level) and 25350 (Key Resistance). While support on the downside is placed at 24800 (Pivot Level) and 24500 (Key Support).

What should short term traders expect?

The Index can short below 24800 for the potential target of 24500 with stop loss of 25000 level.

Technical Data Points

NIFTY SPOT: 24890 (-0.66%)

TRADING ZONE:

Resistance: 25000 (Pivot Level) and 25350 (Key Resistance).

Support: 24800 (Pivot Level) and 24500 (Key Support).

STRATEGY: Bearish below 24800 (Pivot Level).

BANK NIFTY SPOT: 54976 (-0.26%)

TRADING ZONE:

Resistance: 55300 (Pivot Level) / 55670 (Key Resistance)

Support: 54700 (Pivot Level) / 54400 (Key Support)

STRATEGY: Bearish below 54700 (Key Support)

SEBI Registration number is INH000000081.

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