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Market News:

* Diamond Power Ltd. has secured a Rs.185 crore order from Adani Energy to supply Zebra conductors for the Khavda project.

* Tata Communications has partnered with Cisco to advance eSIM and Internet of Things (IoT) connectivity solutions.

* Servotech Renewables has partnered with Zhuhai Piwin New Energy to manufacture battery storage systems in India..

Technical Summary:

The index opened on a gap-up note and initially broke above the prior day’s high to hit an intraday peak of 24,885. However, it soon faced sharp profit booking, slipping below the day’s low. On the daily scale, the index continues to hover around its 50-DEMA and is struggling to sustain gains, reflecting a cautious sentiment in the near term. Sectorally, Auto and Capital Markets outperformed, while IT and CPSE indices lagged.

Levels to watch:

The Nifty has its crucial resistance 24850 (Pivot Level) and 24950 (Key Resistance). While support on the downside is placed at 24700 (Pivot Level) and 24600 (Key Support).

What should short term traders expect?

The Index can short below 24700 for the potential target of 24600 with stop loss of 24770 level.

Technical Data Points

NIFTY SPOT: 24792 (0.21%)

TRADING ZONE:

Resistance: 24850 (Pivot Level) and 24950 (Key Resistance)

Support: 24700 (Pivot Level) and 24600 (Key Support).

STRATEGY: Bearish till below 24950 (Key Resistance).

BANK NIFTY SPOT: 54222 (0.04%)

TRADING ZONE:

Resistance: 54600 (Pivot Level) / 55000 (Key Resistance)

Support: 53700 (Pivot Level) / 53300 (Key Support)

STRATEGY: Bearish Till below 55000 (Key Resistance)

SEBI Registration number is INH000000081.

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